dogecoin Although it has been popular lately, it has been around for a long time in the cryptocurrency and blockchain world. Indeed, the project managed to develop its community and ecosystem. Thus, it is doing its best to grow with a unique audience. So, will DOGE really be able to reach “$1” in 2023?
The last Dogecoin rally took place in 2021, and it was before the industry-destroying events the following year. With market turmoil in 2022, investors preferred less volatile cryptos. Having made a positive start to the year, will DOGE be able to reach unprecedented levels?
How Will Dogecoin Perform in 2023?
Dogecoin is trading at $0.07, down 90% from its all-time high of $0.74. However cryptocurrency market has started 2023 quite strongly. Therefore, it is not a dream to expect better in the future.
In 2022, the meme coin managed to raise its relatively bad price. First of all, Elon Musk’s affinity for the digital presence and how it could potentially be applied with Twitter in the future have improved this performance.
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Although crypto assets are starting the year 2023 quite well, it would be wrong to say that this is an indicator. For this reason, we recommend that you do not fall into such speculative trends.
Observation of Dogecoin’s past market reactions reinforces this possibility. It increased by over 1,500% in 2027. Moreover, another rally DOGE in 2018 helped it break the $0.01 level. All this pales in comparison to the 2021 rally, which saw the price rise 10,000%.
The Elon Musk Effect
For Dogecoin to rally to $1, the Elon Musk factor will need to continue. Self-proclaimed “Dogefather” Musk has always been closely linked to Dogecoin’s price action. Whether it’s his Saturday Night Live announcement or the Twitter acquisition, DOGE rallies tend to follow the news about Telsa’s founder closely.
Conversely, in the midst of all the Elon Musk-related spikesDOGE price never exactly exceeded $0.15. Later, for the coin to reach $1, it will largely depend on the announcement of an integration of meme coins into Twitter. If DOGE is truly integrated into the social media giant, the rally will be inevitable. However, turbulent developments on the Twitter front may be deep enough to disrupt all this integration.
Dogecoin Updates
While Musk would certainly have a positive impact on a potential DOGE rally, an upgrade would, too. It can be argued that Dogecoin’s biggest competitor, Shiba Inu, has benefited greatly from the upcoming release of Shibarium. This can have an equally beneficial effect on the original meme coin.
However, in order for the price to rise above $1, blockchain usage areas must be increased and Web3 adoption must increase. As a result, it is still a fact that the technology he uses is at least 10 years old. Therefore, innovations in the network can improve everything.