Dogecoin has recovered slightly in the last few days after the crash caused by the FTX crash. The massive rally before the crash has shown the potential for price gains over the next few months. Can Dogecoin (DOGE) make big gains again in 2023? Here are top 3 reasons to buy Dogecoin before 2023.
How did Dogecoin (DOGE) perform in the last few weeks?
Dogecoin (DOGE) price saw a massive surge in late October and early November. Because at that time we saw a breakout to the upside after a long sideways movement in bitcoin. This triggered a strong altcoin rally. The Dogecoin was even able to double its value at times.
With the FTX crash, the Dogecoin course then fell sharply. DOGE price fell back from $0.14 to $0.07. In the following days, the price was able to stabilize and rise again slightly. After a small slump a few days ago, the Dogecoin course was able to rise again more strongly in the last 2-3 days.
Why did Dogecoin go up recently?
The Bitcoin price breakout has triggered a strong altcoin rally, which has pushed the Dogecoin price up massively. However, this rally also coincided with Elon Musk’s takeover of Twitter. Musk is considered a supporter of Dogecoin, which with its massive reach can very quickly trigger a DOGE hype with a tweet.
The potential for massive increases in DOGE is therefore always there. The Shiba Inu coin has now taken a back seat in the bear market, so the attention that benefits the meme coin so much is shifted back to the DOGE. Should the overall market move in a positive direction again, Dogecoin is a hot candidate for high price gains.
Will 2023 be Good for Cryptos?
The year 2022 has seen losses of 75 to 90 percent depending on the cryptocurrency. The first year of a bear market is always a very difficult one for the crypto market. It was the same in 2018 during the last bear market. But 2019 saw stronger gains again. At times, the Bitcoin price rose from $3,500 to $10,500.
For now, we see strong similarities between the two bear markets. Heavy losses in the first half of 2018 and 2022. After that, there was a stabilization in each case. At the end of each of these years, the Bitcoin price dropped again. This year that was the FTX crash.
The year 2023 could therefore be similar to the year 2019. This means that we should see a significant increase in the Bitcoin price and, as a result, the Altcoin prices as well.
Top 3 Reasons why Dogecoin is a Good Buy
1. Similarities to the 2018/2019 bear market
As we pointed out in the last section, the 2022 bear market is very similar to the 2018 bear market. It can therefore be assumed that the year 2023 could also reflect the year 2019. Accordingly, we would see strong price gains.
2. Twitter / Elon Musk influence
Elon Musk has gained tremendous influence with the purchase of Twitter. As a Dogecoin fan, Musk can massively push the DOGE with the distribution of hashtags and memes. He could multiply a Dogecoin price gain in this way.
3. Possible disappearance of Shiba Inu coin
Attention is probably the most important currency for meme coins. In the last bull market, especially in the second half of 2021, this attention robbed the Shiba Inu Coin of Dogecoin. At the moment, the SHIB is continuously taking a back seat. This development could also help the DOGE in 2023.
Offer from CryptoTicker
Are you looking for a chart analysis tool that doesn’t distract you with community messages and other noise? Check out GoCharting! This is an easy-to-use online charting tool that requires no downloads or prior knowledge.
Click here to get a 10% discount on your first payment (monthly or yearly)!
