Is Dogecoin (DOGE) a good crypto to buy in 2023

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Dogecoin is one of the most searched cryptocurrencies on Google in the industry.

In fact, the Reddit community that follows Doge (over 4 million) is the largest of all tokens except Bitcoin. Add to that a billionaire backer to Elon Musk and the possibility of Twitter integration within the next 12 months and there is reason to be very optimistic about Dogecoin.

But is Dogecoin a good crypto to buy in 2023?

Below, take a look at Dogecoin’s roadmap and the odds of DOGE hitting $1 in the new year.

Two bullish cases for Dogecoin in 2023 Will Dogecoin be used on Twitter in 2023?

Dogecoin soared more than 150% in late October, after Elon Musk walked through the doors of Twitter headquarters as the new private owner.

Let’s find out why. Dogecoin hit its all-time high of $0.74 in May 2021 after Elon Musk posted a series of Tweets calling DOGE his favorite crypto and then appeared on Saturday Night Live. Musk continued his favoritism of Dogecoin by accepting DOGE as payment for Tesla merchandise, and even allowing Tesla car owners to pay to charge their vehicles with DOGE at select boost stations.

So when Musk entered Twitter, the token reached a price of $0.15.

But the big question remains: will Dogecoin be used on Twitter in 2023?

The developers want to implement an additional utility to increase the value proposition of coins, for example by speeding up transactions and there is speculation that Elon Musk will find a use case for DOGE on Twitter, just like he did with Tesla.

Chances are that Dogecoin will at least be accepted to pay for Twitter Blue subscriptions.

Again, with Binance a major investor in the Twitter takeover, there is every chance that BUSD or BNB will be the chosen crypto.

Dogecoin is going to space in January

The countdown has begun for the launch of SpaceX Falcon 9.

As Elon Musk tweeted when announcing it, this will be the first space mission paid for in Dogecoin as well as the 1st crypto in space and the 1st meme in space.

With the launch set to take place in mid-to-late January, this could well be a catalyst for a near-term Dogecoin price pump. Keep an eye on the date and you might get lucky with a strategic purchase of Dogecoin before investors pile in.

Two bearish cases for Dogecoin in 2023 Dogecoin inflation will drive prices down in the long run

Did you know that Dogecoin is inflationary?

That is true. A total of 5 billion DOGE is added to the supply each year.

Inflation affects the Dogecoin price. The price of DOGE would drop more than 3% every year if the market capitalization remained the same. Dogecoin also requires $5 billion in additional investment each year in its quest to reach $1.

Compare Dogecoin inflation to fixed-supply currencies like Bitcoin, or today’s leading hyper-deflationary token in crypto: EverGrow.

EverGrow is on track to burn 10-20% of its supply over the next 12 months. This could push prices up 21% even if the market capitalization remains the same. Add to that an innovative crypto ecosystem helping thousands of users generate additional passive income through an NFT marketplace, crypto content subscription app, and gaming metaverse experience to earn and EverGrow has plenty of bullish sentiment in 2023. .

Although Dogecoin is popular, its structural limitations (it was built in about three hours as a joke) might start to weigh on it in 2023.

Learn more about EverGrow here: https://evergrowegc.com/

Smart contracts make Dogecoin hard to scale

Dogecoin faces other limitations besides inflation.

The Dogecoin blockchain cannot interact with smart contracts. Smart contracts are the building blocks of decentralized finance (DeFi) and NFT applications, and without them it is difficult to integrate Dogecoin payment systems and applications.

For example: an integration in Twitter would be difficult to achieve.

While there is a lot to do for Dogecoin in 2023, a majority of 71% of industry experts surveyed by Finder.com urged investors to sell their Dogecoin. Lack of use cases and limitations were the main reason why experts did not support Dogecoin in 2023.

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