Dogecoin is the most well-known meme coin and despite being supported by one of the most influential people it is not immune to the current bearish scenario noted for the entire crypto market.
All the major and minor crypto assets have been going through a difficult streak where the prices are plunging more instead of recovering.
The top two digital assets, Bitcoin and Ethereum, have seen a drop of more than 25% in their prices over the last seven days. Dogecoin, the popular meme crypto asset, is no exception.
However, even though the price of the meme coin has been crashing, the CEO of Tesla and SpaceX and the future owner of Twitter remains in its corner.
According to reports, Elon Musk continues to buy DOGE, which has left many crypto enthusiasts to wonder if it will make a difference in the meme coin’s price.
People looking to invest in the meme crypto asset should first take a look at the Dogecoin price prediction.
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Will the Price of DOGE Recover?
At the moment, the crypto market is stuck in decline, which is not limited to a few crypto assets but is quite widespread.
This has caused investors of major digital assets such as BTC and ETH as well to be skeptical and nervous about the future of crypto. On the other hand, there are major and long-term investors who consider this a great opportunity to invest in digital currencies at low prices.
Elon Musk is one such investor who posted on Twitter yesterday that he continues to support Dogecoin despite the current market situation.
While responding to a comment on this tweet he also admitted that he is buying more DOGE.
Musk has had a lot of influence on the meme coin as he could easily drive up its price by simply sharing a tweet in favor of the altcoin. Over time the influence did die down a little but crypto enthusiasts expect it to resurface again.
Dogecoin is currently trading at $0.05828 (at the time of writing). It has seen an 8.79% decline in its price over the last seven days. However, shortly after Musk’s comments about the meme crypto asset, the price did go up as seen in the CoinMarketCap graph below.
Musk’s investment in Dogecoin is still quite recent, therefore, it will take time to see how the market will react and if DOGE sees a proper price recovery or not.
If you are interested in purchasing Dogecoin or any other crypto asset make sure you opt for the lowest fee crypto exchange that also offers utmost security.
What Should New Crypto Investors Know?
As a new crypto investor, there are several aspects you need to know before you start investing in digital assets. Choosing the right exchange, a crypto asset (considering the market situations) and more are essential factors to know.
The more you know about the crypto space and investing, the easier the overall experience can be for you. Therefore, if you are new to crypto investing, here are some useful tips you should know.
- Opt for the best crypto exchange that suits your needs and prioritizes your safety.
- Start by investing a small amount.
- Keep an eye out for the price movement of the digital asset you want to buy.
- Know when to invest.
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