Dogecoin (CRYPTO: DOGE) remains one of the world's most popular meme coins as well as the meme coin of choice for billionaire Elon Musk. However, Dogecoin has been wildly underperforming this year. Dogecoin is up less than 4% for the year, compared to 67% for Bitcoin (CRYPTO: BTC) and 55% for Ethereum (CRYPTO: ETH).
If you are thinking about buying Dogecoin, it could be time to reconsider. Here are three factors to keep in mind.
The primary allure for holding Dogecoin right now involves Twitter. That's because Elon Musk, the new owner of Twitter, is one of the biggest supporters of Dogecoin. As soon as Musk suggested he might buy Twitter back in April 2022, Dogecoin's price soared. And that has pretty much been the pattern for the past year -- nearly any announcement from Musk that seems to hint at some sort of Twitter integration has boosted the price of this meme coin.
Source Fool.com