Should I Sell My Dogecoin (DOGE) in 2022?

Should I Sell Dogecoin DOGE

✍️ 22 November, 2022 - 9:51 👤 Editor: Jakub Motyka

You can sell Dogecoin (DOGE) in 2022 at a profit, depending on your investment goals. Alternatively, you may also hold the cryptocurrency and reap even bigger gains in the long term. The largest meme token - crypto inspired by memes and internet jokes – was trading for $0.018132 at the time of publication, according to CoinMarketCap. The price represents a 9% drop in the last day and a 31% decline in the last week.

Despite the bearish momentum, which was largely triggered by the collapse of derivatives crypto exchange FTX, the altcoin remains a strategic cryptocurrency to have. It has a distinct brand and culture of adoption. DOGE - also the favorite of the world's richest person Elon Musk - has a wide user base with a market capitalization of $10 billion.

Dogecoin's Growing Acceptance: Should I Sell In 2022?

Although Dogecoin started as a joke in 2013, it is seeing serious utility in payments - making it a strong cryptocurrency. Among the companies supporting DOGE payments are AMC, GameStop, and Tesla. Speculations also remain high as to whether Dogecoin will be used to pay for Twitter subscriptions following the acquisition of the social media platform by Elon Musk.

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Is it a good time to sell Dogecoin (DOGE)?

DOGE is based on its blockchain, using cryptography to secure transactions on a public ledger. Like Bitcoin, the network uses a proof of work consensus mechanism, a model that lets transaction validators use computers to solve complex mathematical problems for an opportunity to update the distributed public ledger.

DOGE Has Traded Higher In The Last Month

Dogecoin has remained resilient and relatively stable in the recent past. It has gained 37% from a low of $0.059 and an increase of 2.67% in the past three months. However, the price year-to-date is down 52% from a high of $0.17. DOGE's all-time high price was $0.56 in 2021, or 85% difference from the current price.

Considering the many factors that have held down cryptos this year – decade-high inflation rate and high interest ratesDogecoin could pump up in the next market rally. One factor backing the outlook is the popularity of the meme token and its growing adoption as a payment token.

More crypto articles:

Jared Kirui

Image sources:

  • should-i-sell-dogecoin-doge: Pixabay

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