Dogecoin (DOGE) has been a meme coin like no other. Often referred to as the crowned ‘king’ of meme tokens, this digital asset has always been eventful. Nevertheless, the token has made its way to the portfolio of every investor and HODLer, primarily for its 107939.13% return over the past seven years.
However, despite massive growth in price movement and popularity, Dogecoin continues to be below the $1 mark. Its continued movements below the $1 region have concerned many analysts and investors. Today, almost every DOGE enthusiast is waiting for its price to reach $1.
So to put things in order, let’s look at Dogecoin’s future predictions for 2023.
Dogecoin: Sneak Peak Into Its History
Dogecoin is an inflationary token that started as a parody of the rising popularity of Bitcoin in 2013. Since then, this peer-to-peer altcoin with Shiba Inu dog as its logo has been a reality.
However, DOGE wasn’t always as successful as it is today. While the token enjoyed strong community backing, there was not much price movement from the token until 2017. Then, the project’s association with Elon Musk gathered mainstream attention, booming the price for the token and reviving the once-abandoned project.
Now that you have an idea of the history of the token, let’s check its price movement over the years.
Dogecoin’s Movement Towards Its Prime Growth
Since it shot at fame, Dogecoin has enjoyed the active attention of its community members and investors. DOGE shot to fame in 2021 when Elon supported the token via tweets. However, in early March, the token started gaining bullish momentum, starting its journey from $0.055.
Interestingly, the hype created by the DOGE community helped continue the momentum, pushing the token’s price beyond the $0.05 range, eventually bringing it to its all-time $0.65 by June 2021. After that, however, the token could not break the $1 barrier and eventually slipped off to the $0.13 mark by the end of 2021.
The bull run allowed Dogecoin to pump 3200%, increasing its market cap to over $80 billion. The events made DOGE among the most valuable currencies, behind market leaders like Ethereum, Bitcoin, and BNB.
Price Movement Through 2022
Dogecoin is currently trading at $0.094, with an all-time high of $0.1851 and a market capitalization of over $12 billion.
Although Dogecoin was a part of the market-wide bull run of early 2021, the token has dropped immensely over the following months. As a result, the token’s current price is relatively low. However, considering DOGE’s last parabolic growth, it’s evident that the token has the potential to reach up to the $1 mark in 2023.
But how far would the token go? Let’s find out.
Dogecoin’s Future Predictions For 2023
The current price movements and market trends suggest that Dogecoin will surpass the $1 mark by 2023.
To determine if Dogecoin will reach $1 in 2023, we need to consider a few factors influencing the token’s strength assessments. These consist of the price movement, fundamentals, Blockchain protocols, development team, use case, and available supply. (buy ksalol xanax)
So let’s get a better insight into these fundamentals to back the claim:
- Part Of A Growing Community: With followers like Elon Musk and Mark Cuban, Dogecoin has established itself as a favorite among home traders and continues to grow its user base. Adding to it, social media users love the currency, especially Reddit members.
- Part Of Established Exchanges: Meme coins are a hard find in reputed crypto exchanges, primarily for their momentary nature. However, that’s not the case with Dogecoin. Due to increasing customer demand, Dogecoin is now a part of all established crypto exchanges like eToro, Binance, and WazirX, among others.
- Wider Acceptance Of The Token: Gone are the days when tokens like DOGE were mere investments. Businesses like Newegg, Twitch, Tesla, AMC, and Keys4Coins have started accepting the token as legal tender. Interestingly, many small-scale companies have also begun to accept Dogecoin via third-party payment processors like Coingate, adding more usability to the token.
- V.1.14.6 Upgrade: Doge’s latest update, V.1.14.6, is said to add better functionality to the token. Besides, it will also improve its network and ecosystem for streamlined operations.
Not to forget, Dogecoin’s active relations with Elon Musk frequently influence the token’s price. For instance, DOGE’s price surged almost 100% following Elon’s $44 billion deal with Twitter.
All such factors continue to back DOGE even though it has seen higher levels of volatility than other widely used cryptocurrencies. Overall, the positive market sentiment and price movement forecast that DOGE might hit the $1 mark by 2023.
Note: The crypto markets are volatile. The predictions above are a result of analysis by the experts. The prices might move in the opposite direction if the market forms a bearish pattern. So invest at your own risk.