Currently priced at $0.07, Dogecoin has been experiencing a lack of upward momentum over the past month, much to the chagrin of investors in 2023. Despite Bitcoin’s surge to $28,000 amid a recent banking crisis, altcoins and meme coins have failed to follow suit.
Unlike previous patterns where the top 25 cryptocurrencies would rise in tandem with BTC, they have been unable to keep pace this month.
What to Expect for Dogecoin’s End-of-March 2023 Price
Despite being one of the most popular meme coins in the market, Dogecoin is currently struggling to gain momentum. The meme coin has been trading sideways for close to 30 days in a row and has failed to climb above $0.08. This puts pressure on Dogecoin’s price as its rise solely depends on hype to climb up in the indices.
The hype and social media frenzy surrounding Dogecoin is currently minimal, and even Tesla CEO, Elon Musk, who was once a huge proponent of the coin, has barely mentioned it this month. This lack of attention is a concern for Dogecoin investors, as it may indicate a decline in public interest in the coin, and thus a lack of upward price momentum.
Changelly DOGE’s Prediction
On-chain metrics and price prediction firm, Changelly, has estimated that Dogecoin’s price could end the month at $0.0789921, which is only a meager rise from its current price of $0.071819. According to the price prediction from Changelly, Dogecoin might not breach $0.08 by March end of 2023. This could further dampen investor sentiment and add to the current negative outlook on the coin.
Changelly’s price predictions are based on the price fluctuations of Dogecoin at the beginning of 2023. Crypto experts expect the average DOGE rate of $0.0769923 in March 2023. Its minimum and maximum prices can be expected at $0.0709929 and at $0.0789921, respectively.
This news comes at a time when Bitcoin reached $28,000 this week after the banking crisis, but altcoins and meme coins barely followed suit. The top 25 cryptocurrencies used to go in tandem with BTC during every spike but failed to rise to its pace this month.
As for Dogecoin, the meme coin’s performance is a concern for investors who were hoping for a return on their investment. Leading financial analysts forecast that Dogecoin might not reach the $1 mark by the end of the decade in 2030. This adds to the already negative sentiment surrounding the coin, as returns may not be generated.
At press time, Dogecoin was trading at $0.07 and is down 4.3% in the 24-hour day trade. DOGE is also down 90.12% from its all-time high of $0.73, which it reached in May 2021. In conclusion, with minimal hype and social media activity surrounding the coin, caution is advised for investors in Dogecoin.