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Some investors are pondering if it may already be too late to purchase Dogecoin (DOGE), the cryptocurrency that was inspired by the Shiba Inu dog meme, in the aftermath of its most recent Twitter logo change that sparked a pump.
The answer can be “yes” for short-term traders who want to enter and exit the market rapidly.
Late March/early April saw Dogecoin break above a downtrend that had been in effect since last November, creating the ideal technical conditions for a short-term pump from under $0.08 to $0.10 in value.
The cryptocurrency soon climbed to its short-term objective (at $0.10) thanks to the price surge sparked by Twitter’s switch from the Twitter logo to the Dogecoin logo.
Since then, Dogecoin has dropped back to around $0.09, indicating that quick gains have been made.
Short-term investors who missed the most recent pump could have missed their chance to profit quickly and easily from Dogecoin.
What about people who wish to purchase Dogecoin and hold it for a longer period of time? Is it now too late for them, too?
First of all, it is never a wise way to approach the market to inquire whether it is “too late” to purchase a particular item.
Only inquiries about the asset’s price prognosis and risk/reward ratio should be made by investors.
Investors can think about committing a portion of their portfolio to the asset if they believe the medium- to long-term prognosis for Dogecoin is favorable.
Directly speaking, though, the answer to the question “Is it too late to buy Dogecoin?” is probably not.
DOGE is still down over 90% from both its Q4 2022 highs and its May 2021 all-time highs.
As a result, anyone purchasing Dogecoin at this time may still be doing it during a downturn, or at the very least, they are not doing so at significantly inflated prices.
Additionally, Elon Musk has increased his support of cryptocurrencies recently, most recently with a change in the Twitter logo, and Dogecoin’s medium-term prognosis is improving as a result.
As investors bet on a Fed rate-cutting cycle later this year due to financial crisis/recession worries, blue chip currencies like Bitcoin and Ether are already in bull markets. This might also continue to provide Dogecoin with tailwinds.
From a historical standpoint, it is debatably a good moment to enter the market, but as is the case with all investments, investors should always conduct their own due diligence to ensure that they are completely informed about the asset they are putting their hard-earned money into.
In the cryptocurrency markets, nothing is impossible. Over 7,000% of Dogecoin’s profits occurred in the first half of 2021.
Investors should thus not rule out the prospect that this year DOGE might achieve a 1,000% rise from present prices to reach new all-time highs of $1 per token.
However, given to Dogecoin’s muted growth since May 2021, there is currently little optimism that it will be able to repeat this accomplishment in such a short amount of time.
The likelihood of Dogecoin reaching $1.0 in the next years is still high, though, if the US recession worsens significantly and the Fed seriously begins lowering interest rates and pumping money into the banking system.
It is more difficult to 10x from present levels since Shiba Inu is already so well-known, well-known, and has such a large market capitalization.
Therefore, investors could wish to think about investing in certain lesser-known coins that may have a higher chance of generating exponential returns.
Love Hate Inu, a new social media polling platform inspired by dog memes that have been sweeping the internet in recent weeks, is a fantastic new meme currency to take into consideration.
Love Hate Inu is now holding a presale for its LHINU token in order to raise money for the creation of its ground-breaking vote-to-earn platform.
Love Hate Inu has raised a whopping $2.98 million so far, and the presale has already reached stage 4. This indicates how well everything has gone.
