Is Dogecoin (DOGE) Dead In 2023?
✍️ 11 February, 2023 - 10:31 👤 Editor: Jakub Motyka
- The canine-themed token has given up gains in the recent past.
- DOGE enjoys a strong support on social media.
- The latest news about cryptos is on our Telegram channel.
The significant decline in the price of Dogecoin (DOGE) in 2022 has sparked the question as to whether the project is dead. In the past year alone, DOGE dropped 59.9% from a high of $0.17. The short-term price chart also shows the meme token has steadily declined.
Below we analyze caused the collapse of DOGE and whether it has a chance to recover in the short or the long term. Overall, the cryptocurrency space has seen an extended bearish period, in what has come to be known as the crypto winter.
Part of the reason the digital asset space has been on a downtrend is because of the macroeconomic factors related to the high inflation rate. The result was heightened borrowing rates by central banks in most countries - that pushed investors to less risky assets.
So, Is DOGE Dead In 2023?
While some industry experts believe Dogecoin will continue to rise in 2023, others think the project could collapse because of a lack of use cases. That is despite the bullish tendencies of the digital currency. A more accurate question that investors are asking is whether the top meme token could be toppled from its position as the top meme crypto or could it continue to see higher highs.
Whether DOGE has a future, the answer is yes, at least in the short term. Although the digital currency started as a joke in 2013, it currently commands a market valuation of $9 billion. At press time, the DOGE was trading at $0.08152.
DOGE Social Media Backing: Is DOGE Dead?
Something notable about Dogecoin is its social media backing by notable celebrities, including billionaire Elon Musk who has vowed to back the digital asset because it is the ''people’s token.'' It can also be argued that DOGE’s meme status is playing to its advantage.
People have low expectations about the meme crypto, which started as a joke to mock large-cap cryptocurrencies. The joke was, however, taken seriously and investors started supporting the canine-themed token, which has gained use cases in payments.
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- is-dogecoin-doge-dead: Unsplash
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