Dogcoin is one of the worst performing assets in 2023, as its prices have hardly surged in the past five months. After Elon Musk changed Twitter's iconic bird logo to DOGE, the leading meme currency hit $0
Dogcoin is one of the worst performing assets in 2023, as its prices have hardly surged in the past five months. After Elon Musk changed Twitter's iconic bird logo to DOGE, the leading meme currency hit $0.1 in April. However, one week after the initial logo was in place, its price fell back. Due to investors' lack of interest in dramatic antics, hype is no longer used to increase the price of dog coins. Therefore, there is little chance that a rebound like the one in early 2021 will repeat this feat.
This puts DOGE investors in a dilemma as to whether this meme currency will reach the $1 milestone. There are many theories about "landing on the moon", but memes still have a long way to go to reach the goal of $1.
Leaving aside long-term goals, we will emphasize the short-term goals of Dogcoin through the price forecast for June 2023. Let's take a look at the trading price of DOGE in the index next month and whether it is a good investment choice.
Dog Coin: Price Forecast for June 2023
The trading price of dog coins is 0.07 US dollars, and most of them move backwards rather than forwards in the chart. Due to the failure of meme currencies to attract bullish sentiment in the market, the downward trend may continue until June. Investors choose to stay away from DOGE because they are worried that it will further move south and cause losses. Therefore, the decrease in purchasing pressure was one of the reasons why DOE was at a disadvantage throughout June.
The leading on chain indicator and price forecasting company, Changelly, painted a bearish picture of Dogcoin in June. According to the price forecast, dog coins may drop to the level of 0.06 US dollars by the end of the month. Changelly predicts that by the end of June 2023, the dog coin may hit a low of $0.066075. This is nearly 10% lower than the current price.
The technical overview of DOGE also showed that June was in a "bearish" period, because most of the market sentiment was negative. In summary, it is recommended to remain cautious before entering the dogcoin market in June 2023. The opportunity for memes to harm your investment portfolio is greater than the opportunity to create profits for investors.
As of the time of publication, the trading price of Dog Coin was $0.07, which fell 1.7% in 24-hour intraday trading. DOGE also fell 90.12% from its historical high of $0.73 set in May 2021.
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