Dogecoin stole the limelight in early 2021 after Tesla CEO Elon Musk announced he invested in the meme-coin. A euphoria of sorts erupted in the crypto markets post his announcement and everybody wanted a piece of Doge. Musk is singlehandedly responsible for bringing in millions of new investors worldwide into the crypto sphere.
The billionaire entrepreneur repeatedly tweeted about Doge and gave interviews about the coin to leading publications. He hosted ‘The Dogefather’ episode on Saturday Night Live (SNL), and the meme-coin reached its all-time high of $0.73.
Since the SNL episode in May 2021, Dogecoin has moved into an abyss of disappointment. Investors who picked up Dogecoin after Elon Musk’s announcement are all mostly underwater with losses. The crypto is barely moving in the indices and only shoots up when Musk tweets about it.
Should You Buy Dogecoin In October 2022?
Dogecoin is hovering around the $0.06 mark and is down 91.3% from its all-time high of $0.73, which it reached in May 2021. The 1-year chart of Doge is nothing but a steep decline in price with just a handful of ‘engineered’ outbursts.
The ‘engineered’ outburst include when Musk tweeted about it that Tesla merchandise would accept Doge as a payment method.
The meme-coin didn’t scale up in price sustainably and its hype has fizzled out. Doge is being kept alive by Musk, co-founder Billy Markus and other high-profile figures who routinely tweet about it. If their presence is taken away, Dogecoin’s prospects in the indices could diminish.
The bear markets have been cruel to meme-coins as the majority of them are down more than 90% from their ATH. Another meme-coin rally similar to the likes of 2021 might not be repeated as the phenomenon is over. Doge has fewer use cases apart from being accepted as payment to be considered a serious contender.
It is highly unlikely that Dogecoin would reach $1 anytime in 2022 or even in 2023. The bear markets could extend their stay up until the end of 2023 leaving no chance for Doge to shoot up in price.
In conclusion, it is better to avoid Dogecoin currently and look for cryptos that offer better prospects.
At press time, Dogecoin was trading at $0.063 and is down 2.7% in the 24 hours day trade. However, it is up 72,812.1% from its all-time low of $0.00008690, which it reached in May 2015.