Should You Invest in Dogecoin in 2023?
High inflation rates have forced the Federal Reserve to attempt to pump the brakes on the economy by rapidly pushing up interest rates. And the expectation of worse to come hasn't been good for risky assets like Dogecoin (CRYPTO: DOGE), which is down significantly in 2022 amid the turmoil in the crypto market.
Although it might be tempting to scoop up some Dogecoin in 2023, investors should stay away. Here's why.
Since its creation in December 2013, Dogecoin has generated a monster return of more than 15,000%, crushing the broader S&P 500 by an incredibly wide margin. Spurred by the meme-stock craze in the first half of last year, Dogecoin skyrocketed in popularity, and with it, the token reached almost $0.74 in May 2021. It's been a wildly different story since the peak, with Dogecoin down about 89% in the past 18 months.
Source Fool.com
