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Analysts of the Finbold service told whether the Dogecoin (DOGE) cryptocurrency is an interesting investment for 2023. They noted that numerous traders and investors were trying to assess what the next year will bring for the digital memcoin, which has gone through a difficult period in recent months.
Analysts stressed that despite everything, DOGE demonstrated results much better than most of the leading digital assets, against the backdrop of a serious decline in the entire cryptocurrency market in 2022. This allows us to look to the future with optimism.
Dogecoin became the second most efficient of the ten largest cryptocurrencies by market capitalization in 2022, falling in price "only" by 54% and second only to Binance Coin (BNB), according to a report by experts from CoinMetrics. Other leading digital currencies by maximum market capitalization have lost much more over the past 12 months.
It was noted that more than half of Dogecoin investors were still in profit, namely 54% of DOGE holders bought cryptocurrency cheaper than the current price level. Another 43% of the holders were at a loss, according to IntoTheBlock.
Despite the fact that Dogecoin was mostly trading in the red zone, price spikes were recorded on the chart, caused by the contribution of Tesla CEO Elon Musk. The increase in the value of assets is directly related to Musk's frequent comments on Twitter, in which he expresses his enthusiasm for DOGE.
In addition, DOGE experienced a short period of price increases when it became known that Elon Musk and Ethereum developer Vitalik Buterin could work together to improve the digital asset. Experts had no doubt that explosive growth would be even stronger in a stable market.
Investors stated that at the end of 2022, DOGE reached the price bottom and its rate will begin a new growth in 2023. As of December 29, the virtual asset was available for purchase at $0.07.
