in view of dogecoin (DOGE)’s latest Twitter logo change boosted the pump, with some investors asking whether it might now 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.
dog coin Late March/early April saw a perfect technical set-up for a short-term pump from under $0.08 to $0.10, when the cryptocurrency broke above a downtrend that lasted all the way back to last November.
The change of Twitter’s logo to the Dogecoin logo spurred a price jump, with the cryptocurrency seeing a rapid rally to its short-term target (at $0.10).
Dogecoin has since moved back to the $0.09 area, a sign that the easy short-term gains have now been taken.
Short-term speculators who have missed the latest pump may be too late to make quick easy profits from Dogecoin.
Is it too late to buy Dogecoin (DOGE)?
What about those who want to buy Dogecoin to HODL for the long term? Is it too late for them too?
Well, the first thing to say is that asking whether it is “too late” to buy a property is not a good way of thinking about the market.
An investor should only ask questions that are relevant to the asset’s price outlook and risk return.
If an investor believes that the outlook for Dogecoin is good over the medium to long term, 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 about 90% from its May 2021 all-time high and about 40% from Q4 2022.
This means that anyone who is buying Dogecoin right now is arguably still “buying the dip”, or at least not buying DOGE at extremely high levels.
And with the broader macro background has turned more favorable for crypto in recent weeks Elon Musk While increasing its support (with the most recent Twitter logo change), the medium-term outlook for Dogecoin is getting better.
blue chip coins preferred Bitcoin And Ether is already in a bull market banking crisis/ Recession worries prompt the market to bet a Fed rate-cutting cycle later this year and it may also continue to offer Dogecoin tailwinds.
From a historical perspective, now is arguably a good time to be in the market, but investors should always do their research to ensure that they fully understand the asset they are investing their hard-earned money in.
Will Dogecoin reach $1 this year?
Nothing is impossible in the crypto markets. Dogecoin gains over 7,000% in the first half of 2021.
This means that investors should not rule out the possibility that DOGE could register 1,000% gains from current levels and reach a new all-time high of $1 per coin this year.
But Dogecoin’s weak performance since May 2021 means that there is not enough confidence that it can achieve such a huge feat again in such a short time period.
However, if the US recession gets really bad and the Fed actually starts cutting interest rates and injecting liquidity into the financial system, Dogecoin has a good chance of reaching $1.0 in the next few years. .
For what it’s worth, the analysts at 0x0news.com hope Dogecoin will reach $1.0 by 2030noting that “the continued expansion of meme coin’s popularity provides an opportunity for dogecoin to become a more widely accepted means of payment among more merchants”.
Love Hate Inu (LHINU) – A Dogecoin Alternative to Consider
The fact that Shiba Inu is already so famous and famous and already has such a large market capitalization makes 10xing it from current levels that much more difficult.
Therefore investors may want to consider investing in some of the lesser known coins that potentially have better chances of seeing exponential gains.
There’s a Great New Meme Coin to Consider love hate inuA new dog-meme-inspired social media polling platform that’s been taking the internet by storm over the past few weeks.
To further the development of its revolutionary vote-to-earn platform, Love Hate Innu is currently conducting a pre-sale of its LHINU tokens.
The presale has been a huge success, with Love Hate Inu already earning a whopping $2.98 million and the presale has already entered Stage 4.
Cryptonews.com analysts rank Love Hate Inu Earliest Sales of 2023 And many think that crypto could make big gains when ICOs arrive later this year.
