You Should Sell Dogecoin (DOGE) Now If you bought DOGE during its price spike in December and need to cash out. However, if you’re looking to invest in this token for the long-term, now could be an ideal entry point.
Dogecoin has been quite the rollercoaster recently, and for good reason. In a market that’s still sorting itself out after the recent correction, there are few coins in more turmoil than DOGE. While some of its users are excited about new exchange listings coming soon, others are concerned about its future viability as an investment opportunity.
It is necessary to sell Dogecoin when its price has risen above the amount that you have invested. This will allow you to earn.
Dogecoin is one of the oldest altcoins in existence right now, with its first block mined back in December 2013. Even so, it’s remained an extremely popular option among crypto traders due to its unique branding and culture. It’s also one of the most affordable options available when it comes to investing in an established altcoin with a large user base and steady adoption rate to date.
Start investing in DOGE now with ByBit!If you're still wondering "what is Dogecoin," then in simple words, it's a first-generation cryptocurrency that was created back in 2013. As mentioned, it started as a joke by a couple of software engineers.
In December 2013, Jackson Palmer combined two of the most trending internet spectacles of that time (Shiba Inu Dog meme and cryptocurrency) in a single image and shared it on Twitter. People interested in crypto missed out on the joke, and Billy Markus, another software engineer, contacted Jackson Palmer and launched bitcoin by making some changes in the source code of Bitcoin. That's how it started, and now the value of the cryptocurrency is worth billions of US dollars.
Within a couple of months, Dogecoin reached the market capitalization of a staggering 89 million US dollars.
Dogecoin History
In 2015 both the founders of Dogecoin decided to say goodbye to the project, but the cryptocurrency continued to grow. After 4 years, in December 2017, Dogecoin finally hit the market capitalization mark of 1 billion US dollars. But in 2018, cryptocurrency experienced a dramatic decline in its market capitalization, and in December 2018, the market capitalization of the cryptocurrency was around 276 million US dollars.
The biggest surge in Dogecoin value took place in early 2023 when Reddit’s GME (GameStop) community and a business tycoon Elon Musk started showing their interest in the cryptocurrency.
| Ticket | DOGE |
|---|---|
Max supply |
N/A |
Total supply |
130,063,646,536 |
1-year price low |
$0 |
1-year price high |
$0 |
Current Price |
$0.00 |
Market cap |
$0 |
Markets |
Binance, Huobi Global, Coinbase |
| Dogecoin Price 1y Return | 0.00% |
| Dogecoin Price 1m Return | 0.00% |
You now know why Dogecoin is a good cryptocurrency investment. However, no investment is foolproof. It's essential to be aware of Dogecoin's risks before investing.
The biggest downside of Dogecoin is its slow tech development. The DOGE team isn't in a hurry to develop their technology. As a result of the slow growth, it does not offer great technology.
This is a big problem because Dogecoin doesn't offer the same advantages as other cryptos. For instance, DOGE doesn't have smart contracts or dApps.
This slow development could lead to Dogecoin being left behind by other cryptos. As a result, the price of DOGE could drop.
According to some forecasts, the price of Dogecoin may still fall. While this is not certain, it's important to be aware of the possibility before investing.
Dogecoin's unlimited supply is one of its most significant drawbacks. Every year, 5 billion DOGE coins enter circulation. The price can decrease if all these cryptocurrencies are not absorbed in a scenario where demand is exceptionally high.
Since cryptocurrencies are still in their infancy and have yet to gain widespread adoption, the rising supply of Dogecoin could overwhelm its price in the short to medium term.
As a result, Dogecoin is considered a higher-risk cryptocurrency than a coin like Bitcoin, which has a low and hard supply.
The price of Dogecoin has corrected significantly over the past few years. Of late, Dogecoin has experienced positive price movement, which shows its potential to be an excellent long-term investment.
For example, in January 2023, Tesla's CEO Elon Musk tweeted that he would continue to support DOGE. Aside from this, Musk also said he would continue to buy meme coins. Also, he mentioned that Tesla already accepts Dogecoin for merchandise, and SpaceX will do the same soon.
Since the launch of Dogecoin, its community has been one of its most prominent pillars. Millions of people are part of the community today, including big names like Elon Musk and American billionaire and owner of the Dallas Mavericks Mark Cuban. They are not only wealthy but also have a massive following on social media.
As a result, whenever they mention Dogecoin, they attract more investors, a factor that could make Dogecoin one of the best-performing cryptocurrencies over time.
As mentioned earlier, Musk has been one of the most vocal members of the Dogecoin community. He often tweets about DOGE, which has helped the crypto soar in value.
Musk's continuous support for Dogecoin is a big reason to believe in the crypto's long-term success.
Some of Musk's recent tweets about Dogecoin show that he is still confident in the crypto's future. He even called Dogecoin his "favorite cryptocurrency".
Dogecoin is a decentralized cryptocurrency, meaning no central authority controls it. The community and its developers run the crypto.
This gives Dogecoin some advantages over other cryptos. For instance, it is less likely to be affected by government regulations.
Dogecoin is listed on multiple exchanges, including Binance, Kraken, eToro, and Robinhood. This means that investors will have no problem buying and selling this crypto.
The fact that Dogecoin is listed on multiple exchanges makes it a more attractive investment for those looking for an alternative to traditional investments.
Scalability is one of the biggest challenges facing cryptocurrency adoption. Unless millions of people can use a cryptocurrency without facing network challenges, it's unlikely to compete with centralized systems.
The Dogecoin network has never experienced this problem. It is widely used, and there are never any issues with slow confirmation speeds or network breakdowns. As a result of its scaling capabilities, DOGE is at the forefront of cryptocurrencies that have the potential for widespread adoption.
How to Buy DOGE?To find a better entry point, also find out what TradingView technical analysis tool signals for the Dogecoin (DOGE/USD) price. "Sell" or "Strong Sell" means that most of the signals are bearish. "Buy" or "Strong Buy" means that most of the signals are bullish. For short-term signals, it is recommended to use settings from 15 minutes to 2 hours. For long-term signals, it is recommended to use settings from 4 hours to 1 week.
We have compiled Dogecoin long term price predictions. While they can be useful, it is worth remembering that the predictions are often inaccurate.
The TU analysts do not expect considerable growth, predicting that Dogecoin price can reach a range of $0.10056 – $0.14936 by the end of 2023.
| Month | Minimum Price | Average Price | Maximum Price |
|---|---|---|---|
| August 2023 | $0.10056 | $0.11173 | $0.1229 |
| September 2023 | $0.10544 | $0.11716 | $0.12888 |
| October 2023 | $0.11103 | $0.12337 | $0.13571 |
| November 2023 | $0.11452 | $0.12725 | $0.13998 |
| December 2023 | $0.1222 | $0.13578 | $0.14936 |
| Year | Price in the middle of the year | Price at the end of the year |
|---|---|---|
| 2023 | $0.10184 | $0.13578 |
| 2024 | $0.16876 | $0.22501 |
| 2025 | $0.19204 | $0.25605 |
| 2026 | $0.29096 | $0.38795 |
| 2027 | $0.46554 | $0.62072 |
| 2028 | $0.57611 | $0.76814 |
| 2029 | $0.7565 | $1.00867 |
| 2030 | $0.98113 | $1.30817 |
| 2031 | $1.13476 | $1.51301 |
| 2032 | $1.35589 | $1.80785 |
| 2033 | $1.56538 | $2.08717 |
| 2034 | $1.68758 | $2.25011 |
Have you decided to sell your DOGE, but you have no idea how to do so? Before you get started, it’s important to know what you’re getting yourself into and have a plan in place, as every cryptocurrency is different, especially when it comes to their prices and availability on crypto exchanges. Below is a short, step-by-step guide to selling Dogecoin.
Create an account on a crypto exchange. First, you’ll need to select an exchange to sell your DOGE on. You’ll want to look for an exchange that has low transaction fees, quick deposit and withdrawal times, and a high volume of users. Binance and Coinbase are two of the largest exchanges that list DOGE, though you’ll also want to check out other exchanges like ByBit, eToro and Kraken. Make sure you create an account on the exchange you want to sell on and follow their instructions for setting up your account.
Transfer DOGE to your exchange wallet. Once your account is set up, you’ll need to transfer your DOGE from your wallet to your exchange wallet. This will depend on the exchange you use, so you’ll want to follow their deposit instructions to ensure everything goes according to plan.
Sell your DOGE. Once your DOGE is in your exchange wallet, you’ll have to sell it in the marketplace. This process will vary depending on the exchange you use, so you’ll want to follow their instructions carefully to ensure you’re selling at the right price.
Withdraw your profit. Once you’ve sold your DOGE and it’s been confirmed as a successful sale, you’ll want to withdraw your profit to your bank account or another wallet. Again, follow the exchange’s instructions carefully for this process to ensure there are no issues.
If you bought DOGE during its price spike in December and need to cash out, now is as good a time as any to take your profits and run. However, if you’re looking to invest in this token for the long-term, now could be an ideal entry point.
DOGE is one of the most affordable options on the market right now, which makes it a great option for new investors that want to “diversify” their portfolio with a token with low risk but a steady growth rate to date. This is especially true if you’re interested in holding it as a long-term investment but want to avoid the hype and risk associated with larger tokens like Bitcoin and Ethereum.
The following tools and instruments were used for making the prediction:
Basic instruments of technical analysis. The forecast relies on basic technical indicators. The analysis was performed mostly on medium and long-term time frames for more accurate results.
Statistical tools that allow experts to evaluate the probability of an event that may influence the prices of cryptocurrencies.
Individual features of a cryptocurrency startup and its competitiveness: number of tokens in free circulation, restriction of emission, potential usefulness of the startup for the society, roadmap and development plans of the startup, potential vulnerability of the startup’s blockchain, examples of hacks, failures in the entire history of cryptocurrency existence, capitalization dynamics compared to key competitors, share of major coin holders and other subjective factors.
Note:
This price prediction is based on current information and historical data. Strong fundamental factors capable of radically changing the overall situation in the cryptocurrency markets, impacting the prices of certain cryptocurrencies and subsequently changing the price trend, may appear in the future. The price predictions are updated regularly based on the latest data.
This article is created for informational purposes only and does not constitute investment advice. Be aware of the high volatility of cryptocurrencies and consider these risks when making investment decisions.
If you bought DOGE during its price spike in December and need to cash out, now is as good a time as any to take your profits and run. However, if you're looking to invest in this token for the long-term, now could be an ideal entry point.
Yes, Dogecoin supporters believe that it is one of the most undervalued cryptocurrencies. To find the best entry point, also check out what the TradingView technical analysis tool is signaling for Dogecoin (DOGE/USD) price.
Traders Union experts predict that the cost of Dogecoin in the middle of the year will be $0.20. At the end of the year, the price of the coin can reach $0.21
According to TU analysts, by the end of 2023, the Dogecoin coin may rise 79% above today's level.
Dogecoin is one of the oldest cryptocurrencies in existence. While it isn’t being actively developed anymore, it still has a steady user base. It’s primarily used for low-value transactions between individuals and businesses.
This question is a bit tricky, as it depends on the short and long-term future of Dogecoin. If it doesn’t pick up in value in the short term, it’s probably not a great investment. If Dogecoin remains at a consistent low price, it isn’t a good investment. In the long term, if Dogecoin is able to bounce back and break through its current trading range, then it could be a good investment.
It’s hard to say what the future price of Dogecoin will be. As with most cryptocurrencies, it’s extremely volatile, so the price could go up or down at any time.
Many people invest in Dogecoin because they believe that it has the potential to grow in value over time. As with any investment, there’s always some risk involved, but Dogecoin has proven itself to be a stable and reliable investment to date.
Ivan is a financial expert and analyst specializing in Forex, crypto, and stock trading. He prefers conservative trading strategies with low and medium risks, as well as medium-term and long-term investments. He has been working with financial markets for 8 years. Ivan prepares text materials for novice traders. He specializes in reviews and assessment of brokers, analyzing their reliability, trading conditions, and features.
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Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.
