Dogecoin Price Trends for 2023

Dogecoin (DOGE) is the altcoin that we will focus on today to analyze and predict its price development in the coming year.

It is undoubtedly true that Dogecoin is one of the oldest altcoins, founded in 2013 as a memecoin. Digital currency was launched to create a way to reward online content creators, but its utility has exceeded imagination in recent years.

Dogecoin in particular has one of the most impressive price trends among the top 10 digital assets, according to data from CoinMarketCap. Yes, it was mainly characterized by bearish momentum for most of the year, but it recorded a series of strong bullish episodes which occasionally gave its investors good returns on their investments.

At a current price of $0.1012, Dogecoin reached a low of $0.04972 in the last 12 months and it also recorded a high price of $0.2196. The Dogecoin/USD exchange rate chart over the past year is shown in the image below.

Dogecoin Price Trends For 2023

Is 2023 the Year Dogecoin Price Hits $1?

At the current price of Dogecoin, those acquiring the digital currency would have posted a massive profit of 118343.91% when the coin started trading at $0.00008547 about 8 years ago.

Dogecoin’s growth has been quite impressive since its inception, and with its growing popularity, many are overly optimistic that the price of memecoin will eventually reach a price of $1. This wouldn’t have been much of a problem if the circulating supply of tokens had been deflationary, but as Proof-of-Work (PoW) mining continues, more and more DOGE tokens find their way to the market.

There are approximately 132,670,764,300 DOGE in circulation, and at the price of one dollar, the coin would have a market capitalization of $132.7 billion, up from $642 million today. This growth leap is ambitious enough and more to happen in a year as the token’s growth depends on bitcoin (BTC) and other unforeseen macro conditions.

That said, we ask our readers to project their expectations conservatively and apply proper risk management in their DOGE portfolio. In our projection, here are the price levels we expect from DOGE for each month in 2023;

  • January 2023: 0.1200
  • February 2023: $0.1255.
  • March 2023: $0.1305.
  • April 2023: $0.2100.
  • May 2023: $0.1850.
  • June 2023: $0.2110.
  • July 2023: $0.3000.
  • August 2023: $0.4205.
  • September 2023: $0.4170.
  • October 2023: $0.3500.
  • November 2023: $0.4455.
  • December 2023: $0.6000.

As seen in the predictions, we do not expect Dogecoin to grow as much as it can touch $1. It could happen, but we’re not sure it will happen anytime soon.

A strong community and the Elon Musk factor

Dogecoin has one of the most dedicated communities in the industry, and with the support of Elon Musk, there is a good chance that the coin will experience extreme volatility in the coming year.

It should also be noted that the acquisition of Twitter Inc by Elon Musk makes it a very good platform to promote memecoin advertising. Since Musk is the biggest proponent of dogecoin, bigger pumps and dumps can also characterize the DOGE price trend.

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