The price of the initial coin Dogecoin experienced an exciting increase yesterday. But how sustainable will this be? Opinions on the future of crypto differ greatly. In this article we would like to answer the question of whether it is already too late to buy cryptocurrency.
Dogecoin price rises again
Yesterday Dogecoin price increased by 4%. Even today it has already made a plus of 3.30 percentage points. That equals $0.08572.
The market cap also increased by 3% and stands at USD 11.3 billion. The volume of trade is satisfied with an increase of 27 percentage points. The cryptocurrency is still at number 8 in the ranking.
The DOGE course has managed to rise again after the fall triggered by the FTX exchange, but there is still no talk of recovery. Year to date, the price of Dogecoin is down 47%.
There is probably a rush yesterday due to the release of inflation data from the US. This shows that it fell by 0.7%. It is now at 7.1%.
It could also look good on the announcement of the interest rate hike, which is expected for today. Because the FED boss has already announced that this will not be raised too quickly in the future.
This could have a positive impact on all crypto courses in the coming weeks. So far, they have responded quickly and strongly with an increase. Bitcoin fell 5 percentage points down after such an announcement.
An uncertain overall market determines the price
Despite these positive developments in the US, Dogecoin is not having an easy time at the moment. The market is still dominated by uncertain traders. The FTX price crash has caused lasting anxiety and fear that will affect prices for a long time.
Not even the recently published data from the Binance exchange could change that. With a reserve report, the platform wanted to offer more security to traders. But they are not very enthusiastic about it and are partly afraid that the FTX crisis will happen again.
So due to the difficult situation, it is unlikely that a coin like DOGE will see an outstanding rally. Experts don’t even agree on whether the investment could be worth it.
Buy Dogecoin now? That’s what the traders say
The self-proclaimed crypto expert The Doge Coach expect the coin to see another rally to $0.15 by the end of this week. That would be an increase of over 60 percentage points. The last time crypto experienced such a jump was in May of this year.
— The Doge Coach (@thedogecoach) December 12, 2022
Such an increase is unlikely due to the unstable state of the overall market. But other analysts also believe that this week will be a good one for the coin.
#dogecoin about to pop this week.
Thank you later.
— Myles G Investments (@MylesGinvest) December 12, 2022
Myles G, in a Twitter post, states that the Dogecoin “to pop” will become.
CNBC financial animator Jim Cramer sees it differently. He even talks about a scam with the Dogecoin, the token XRP and Solana. He assumes that the DOGE cryptocurrency is about to collapse.
Jim Cramer calls XRP, Solana, and Dogecoin a bullish con 👀? pic.twitter.com/73tKKfRgob
— Jess ☕️ (@CryptoNCoffeee) December 8, 2022
Opinions differ greatly regarding the development of the DOGE. As usual, some experts believe that the entire crypto market is nearing its end. On the other hand, others see the next high for the coin coming after the low.
Elon Musk could bring the Dogecoin back again
An increase in the Dogecoin is basically possible. However, a price explosion of more than 60% this year is unlikely. However, things could look different for the sign next year.
Elon Musk could give reason to increase soon. Boss Tesla bought the short message service Twitter a few weeks ago. He is known for supporting cryptocurrencies, but especially the Dogecoin.
There is already a lot of news circulating on Twitter that the billionaire plans to integrate cryptocurrencies into the platform. The Dogecoin is also being discussed as a possible payment method by Tesla.
If these speculations were confirmed, the Dogecoin would have a very good chance of a significant increase in value next year anyway. Successful integration into a store is likely to increase demand and trade volume in the long term. This would expand crypto with an important dimension. She would finally find a use case. So far, the token has only been used as a meme currency.
However, when considering whether now is a good time to buy the Dogecoin, traders should not rely solely on Elon Musk to push the price up. The price of DOGE is still dependent on the developments of the entire crypto market. The current state of inflation and interest rate hikes could lead to rapid ups and downs. Traders should keep a close eye on these events in the coming days.
If you want in-depth future analysis, you could make the right decision with the Dash 2 Trade platform.
Trade Dash 2: Presale ends soon
The developers of the D2T platform have set themselves the task of creating a website that offers users numerous analyzes and calculations on crypto affairs. They can get in-depth information about upcoming pre-sales. At the same time, they will be able to access blockchain analytics, which should make trading with Bitcoin and Co much easier.
Another important function of the auto-trading should be that traders should be able to protect themselves from huge losses in the future. In the future, they should be able to set up their user account so that a certain number of tokens are sold once a value is reached.
This should give traders the opportunity to view the course without incurring any losses. Early investors should not wait too long. The presale has been significantly shortened recently. It will end after the current phase. This is already 73% sold out.