Traders and investors in Dogecoin (DOGE) are assessing what 2023 will bring for the dog meme digital asset, which has been going through a tough time in recent months. However, in the midst of the severe crypto crisis of 2022, it is far better off than many of the best assets on the market.
Is Dogecoin (DOGE) a good investment for 2023?
Notably, Dogecoin was the second-best performing country among the top ten cryptocurrencies by market capitalization in 2022, trailing Binance Coin (BNB) with “only” falling 54% this year, according to the “State of the Network” report. It was released on December 20 by blockchain analytics platform CoinMetrics.
Looking at the top ten assets by market cap over the past 12 months, Bitcoin (BTC), Ethereum (ETH), Cardano (ADA) and Polygon (MATIC) have lost significantly more, respectively.
Also, as the 2022 cryptocurrency market bloodbath continues, more than half of Dogecoin investors are still making profits; About 54% of DOGE holders were in profit based on the token’s price on December 27. According to IntoTheBlock data, 43% of owners made losses, while 3% went head-to-head.
Where will DOGE go from here?
Generally speaking, investors will be looking for forward-looking news about expanded network construction and improved adoption rates. For example, DOGE saw a brief price spike when it was reported that Elon Musk and Ethereum co-founder Vitalik Buterin may be working together to strengthen the digital asset.
By the end of 2022, investors in DOGE will hope that the asset has bottomed out and will start a new surge. The machine learning algorithm at PricePredictions predicts that DOGE will trade at $0.079 on January 1, 2023.
Currently, the dog meme token is currently changing hands at $0.07077, which is a 0.39% drop from the previous 24 hours and a 4.6% drop over the week.
DOGE 1-day price chart. Source: Finbold
With a market cap of $9.44 billion, Dogecoin has claimed the position of the eighth largest digital asset among the top 100 cryptocurrencies by this indicator.
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