In wake of Dogecoin’s (DOGE) latest Twitter logo change fuelled pump, some investors are asking whether it now might be too late to buy the Shiba Inu dog meme-inspired cryptocurrency.
For short-term traders looking to jump in and out of the market quickly, the answer may be yes.
Dogecoin saw a perfect technical set-up for a short-term pump from under $0.08 to $0.10 in late March/early April when the cryptocurrency broke above a downtrend that had been in play going all the way back to last November.
The price jump catalyzed by Twitter’s logo change to the Dogecoin logo saw the cryptocurrency quickly rally to its short-term target (at $0.10).
Dogecoin has since eased back to the $0.09 area, a sign that the easy short-term gains have now been achieved.
Short-term speculators who missed the latest pump may have thus left it too late to make quick easy gains from Dogecoin.
Is It Too Late To Buy Dogecoin (DOGE)?
What about those who want to buy and HODL Dogecoin for the longer term? Is it too late for them as well?
Well, the first thing to say is that asking whether it is “too late” to buy an asset is never a good way to think about the market.
The only questions an investor should be asking are those relating to the asset’s price outlook and risk reward.
If an investor thinks the Dogecoin outlook in the medium to long term is good, then they should consider allocating a proportion of their portfolio to the asset.
But to answer the question “is it too late” to buy Dogecoin more directly, no it probably isn’t.
DOGE is still down nearly 90% from its all-time highs hit back in May 2021 and is down around 40% versus its Q4 2022 highs.
That means that anyone buying Dogecoin right now is arguably still “buying the dip”, or at least not buying DOGE at highly overpriced levels.
And with the broader macro backdrop turning more favorable for crypto in recent weeks and Elon Musk amping up his support (most recent with the Twitter logo change), Dogecoin’s medium-term outlook is getting better.
Blue chip coins like Bitcoin and Ether are already in bulls markets as banking crisis/recession concerns lead push market to bet on a Fed rate-cutting cycle later this year and this could continue to offer Dogecoin tailwinds as well.
From a historical perspective, now is arguably a good time to get into the market, but investors should of course always do their own research to make sure they fully understand the asset they are investing their hard-earned cash into.
Will Dogecoin Reach $1 This Year?
Nothing is impossible in crypto markets. Dogecoin’s gains exceeded 7,000% in the first half of 2021.
That means investors should not rule out the possibility that DOGE could post a 1,000% gain from current levels to hit new all-time highs at $1 per token this year.
But Dogecoin’s subdued performance since May 2021 means that there isn’t that much confidence right now that it could pull of such a feat once again in such a short time period.
However, if the US recession gets really bad and the Fed really starts cutting interest rates and injecting liquidity into the financial system, the chances of Dogecoin hitting $1.0 in the next few years remain good.
For what its worth, analysts at Cryptonews.com expect Dogecoin to reach $1.0 by 2030, noting that “the consistent expansion of meme coin popularity offers an opening for Dogecoin to become a more widely-accepted means of payment among more merchants”.
Buy Dogecoin Now
Love Hate Inu (LHINU) – A Dogecoin Alternative to Consider
The fact that Shiba Inu is already so famous and well known and already has such a massive market capitalization makes 10xing from current levels more difficult.
Investors might therefore want to consider investing in some lesser-known coins that potentially hold a better likelihood of seeing exponential gains.
A great new meme coin to consider is Love Hate Inu, a new dog-meme-inspired social media polling platform that has been taking the internet by storm in the last few weeks.
To fund the development of its revolutionary vote-to-earn platform, Love Hate Inu is currently conducting a presale of its LHINU token.
The presale has been a huge success, with Love Hate Inu having already raised a massive $2.98 million and the presale already having entered stage 4.
Analysts at Cryptonews.com have ranked Love Hate Inu as the hottest presale of 2023 and many think the cryptocurrency could see big gains when it ICO’s later this year.
Buy Love Hate Inu Now