Dogecoin started the month of December with a strong bullish momentum. The price had surged more than 40% since the beginning of the month that many investors now suppose we are now in the Dogecoin season. Will the price of Dogecoin continue with its present bullish trend after creating a new high this week at $0.11192? What is the price target for this coin during this season? Do altcoins stand a chance of rising with Dogecoin or should investors only buy Dogecoin now and neglect altcoins? This work has carefully examined these pressing questions on Dogecoin investment today.
What is Dogecoin?
Each time we talk of meme coins, the first coin that comes to mind is Dogecoin. This is because Dogecoin ranks as the most popular meme coin today that has successfully found its way into the mainstream crypto industry to compete with Bitcoin, Ethereum, and the rest. This coin ranks today as the eighth most valuable Cryptocurrency with its market capitalization sitting above $14 billion today.
Dogecoin season: Major price target for Dogecoin in 2022?
The price of Dogecoin has been on a strong bullish momentum since the beginning of December 2022. This has given investors the impression that we are now in the Dogecoin season. With the price rising more than 40% in less than a week into December 2022, analysts have forecasted higher price targets for this coin before the end of the year. Some analysts consider this coin likely to close the year 2022 above $0.3000 which is a very critical level for Dogecoin. Others believe the price could as well get to $0.44925 which has been a very strong resistance for Dogecoin since December 2021.
Can the price of Dogecoin achieve these targets soon?
The recent endorsement of Dogecoin by Elon Musk after his takeover of Twitter has given investors more course to look up to Dogecoin with greater optimism. Many today believe that with Musk supporting Dogecoin to become the official cryptocurrency for his newly acquired social media platform, all barriers holding this coin back have been removed.
However, one major disadvantage of trading a coin endorsed by influential traders is that it makes the coin subject to pump-and-dump practices from the whales. This is why it is always necessary for investors to exercise caution while trading Dogecoin today.
Can altcoins rise during the Dogecoin season?
The current rise in Dogecoin since the beginning of December is a good indication that the meme coin season could be around the corner. Dogecoin is the most popular meme coin today hence it is not surprising that it has been the first meme coin to signal the direction for other meme coins to follow. This means we can expect other meme coins to rise during this period too. Altcoins which do not form part of the meme coin family will likely follow the direction set by Bitcoin during this period.
How to trade Dogecoin
The best way to trade Dogecoin is to register an account with a registered crypto exchange such as Binance, eToro, OKX, etc. These exchanges provide an excellent platform for buying and selling Dogecoin.
List of best crypto exchanges to trade Dogecoin
Is Dogecoin a good investment package?
Dogecoin is today the only meme coin with multiple use cases. The fact that it is now hoped to become the official cryptocurrency for giving tips on Twitter and other social media platforms has made it a highly demanded coin today. However, one major backdrop with trading Dogecoin is that it has no maximum supply and hence subject to future inflation.