It appears that the crypto winter is still going strong. Every time cryptocurrencies attempt to rise again, another piece of terrible news hits the community, sending values down below. Dogecoin was going strong after Elon Musk took over Twitter. Today, however, Dogecoin price crashes by the day as uncertainty looms over the crypto market. Will Dogecoin reach 1 cent? Where does the Dogecoin crash end?
What is Dogecoin crypto?
Dogecoin is a cryptocurrency that was created as a joke in 2013. It is based on the “doge” internet meme, which features a Shiba Inu dog breed. Despite its origins as a joke, Dogecoin has gained a significant online following and has become a popular form of online currency for tipping content creators and for small online transactions. Dogecoin has no central authority and is decentralized, meaning that it is not controlled by any government or financial institution. Transactions on the Dogecoin network are recorded on a public ledger called the blockchain. Dogecoin can be bought and sold on cryptocurrency exchanges and can also be stored in a digital wallet.
Why is Dogecoin Crashing?
To put it simply, the cryptocurrency market is still in a downward trend and has never been able to regain an uptrend. On several occasions, the price of cryptocurrencies soared quickly. Technically speaking, though, this was just regular price movement in a negative trend.
Particularly Dogecoin suffered a significant loss in market cap in 2022 after seeing a meteoric rise earlier. In fact, between 2021 and 2022, Dogecoin had a rise of more than 300%. On the other hand, all gains were fully lost between 2022 and 2023. Prices have reset to the initial 7 cents price per DOGE.
When to Buy Dogecoin?
Purchasing during a bear market is obviously a bad idea. However, some inexperienced traders and investors continue to believe the hype of major players trying to liquidate their holdings. We issued a caution regarding purchasing cryptos in falling markets. Dogecoin fell through the crucial support level of 8 cents today as prices aim to fall much more.
If you’re seeking to purchase Dogecoin, you should watch for a definite cryptocurrency market recovery. This indicates that the majority of cryptocurrencies are now on an upswing. For Dogecoin to confirm a price turnaround, it would need to breach the 10 cents and 15 cents price marks.
Will DOGE reach 1 cent?
If the cryptocurrency market keeps bleeding, Dogecoin prices will definitely continue to drop. The majority of crypto technical analysts believe Bitcoin will eventually reach a $10,000 low. This results in another 40% decrease in pricing.
This implies that the price of Dogecoin will eventually reach between 2 and 3.5 cents. This is consistent with how other currencies move alongside Bitcoin. The latter still commands a sizeable market share of about 40%. We might not see the 1 cent price per DOGE, but a further downtrend is in sight.
Dogecoin Crash: Will Dogecoin Prices go up in 2023?
Dogecoin has gained a significant online following and has become a popular form of online currency for tipping content creators and for small online transactions. Some people believe that Dogecoin has the potential to become a widely accepted form of digital currency that can be used for a variety of purposes.
In Q3 of 2023, crypto prices should reverse and go back on their respective uptrends. Dogecoin should also break from its consolidation and go higher.
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