Dogecoin became quite popular thanks to Elon Musk tweeting about it back in 2021. DOGE prices reached a high of $0.75 back when it even made it to the SNL live TV show. However, when the hype ended, and when the Crypto Winter started, its prices tanked all the way to 5 cents. Now that Elon got ahold of Twitter, will DOGE reach 1$? If it will, when will DOGE reach 1$ exactly?
What is DOGE crypto?
Dogecoin is the very first meme token. Dogecoin was initially just created as a spoof of Bitcoin and was only intended to be a joke money. But as time went on, more and more investors started to show interest in cryptocurrencies, causing the price to spike and Dogecoin to gain notoriety. This was also influenced by the Shiba Inu dog meme, which is Dogecoin’s emblem.
The Proof-of-Work consensus algorithm is used by Dogecoin. The formal transition of Ethereum to a PoS network put an end to ETH mining. Since Ethereum no longer uses a PoW consensus, Dogecoin (DOGE) is now the second-largest PoW blockchain behind Bitcoin. As an alternative to Bitcoin, it may potentially be used as a decentralized payment method.
Why is DOGE price up?
The price of DOGE is rising mostly due to three causes. Two of these are essential explanations, while one is technical:
- For a long time, the cryptocurrency has been consolidating: Prices frequently increase during prolonged consolidations that come after a decline.
- The recent approval of cryptocurrencies in the UK encourages investors to re-enter the market with more assurance and fosters market trust. After the recent economic developments in the EU, this is especially true.
- After the sale was completed and Elon entered the Twitter headquarters with a sink after tweeting, “Let that sink in,” Twitter was officially acquired by Elon Musk. Doge tokens were accepted as payment at the Boring Company owned by Elon.
DOGE Prediction: Can DOGE reach 1$ soon?
The crypto market is currently trying to get back on its feet. Most cryptocurrencies are already up since last week. DOGE specifically increased by more than 100% and is currently adjusting lower. After such a rise, the following correction is only natural.
Doge is currently adjusting and reached the first 23.6% on the Fibonacci retracement for a current price of around $0.12. However, prices might adjust even lower towards the 38.2% retracement at a price of $0.111. A current investment in DOGE is a bit risky, seeing how the entire market is adjusting after such a rise in prices. However, when prices manage to breach 20 cents, we can then look into a closer DOGE prediction that targets the previous all-time high price of 75 cents and 1$. For now, this target is too far on the radar and not likely to happen anytime before 2023.
- Shiba Inu to Reach 1$ soon? This New Upcoming Development Proves it Right
- Dogecoin Price Prediction: Will Elon Musk drive the price of DOGE to $2 by 2023?
- Dogecoin COMEBACK: DOGE Price crosses 10 cents, Where NEXT?
- Big News: Ripple Price is about to TRIPLE? This News Confirms…
- Dogecoin Price Prediction – Will Dogecoin reach $1 thanks to Elon?
- Dogecoin Prediction: DOGE shoots 111%, will DOGE reach 20 cents now?
- Can Shiba Inu Price Reach 10 Cents?
- Dogecoin Bridge to Ethereum – Can DOGE reach 10 cents?
- Dogecoin Price eyes USD 0.1 – Does Dogecoin have growth potential?
- This Coin is up 150% in 7 days and ELON MUSK seems to love it…It’s also called a “ShitCoin”
- Conservative Prediction: Can XRP reach $5 in 2023?
- Is $DOGE A Good investment in 2022? Maybe, here’s What you MUST Know
- Dogecoin Price is about to BOOM?? Here’s Why!
- How is DOGE Price related to Elon buying Twitter?
- The Big Ripple Price Prediction for 2023 – How high can the XRP price go in 2023?
- Will Dogecoin Payments on Twitter become a Reality? Elon hints…
- DOGE Price Prediction – How High will Dogecoin reach in 2030?
- Shiba Inu Price Prediction: How High can SHIB Price reach by 2030?
- Dogecoin Crash: Will DOGE reach 1 cent?
- Can Dogecoin Price reach 10 cents soon? DOGE is on FIRE!
- Dogecoin is NOT doing okay as prices sink below 10 cents, Will DOGE recover?
You might also like
More from Altcoin
Ethereum Price Forecast 2023: 5 Reasons ETH Could Hit $3000 in 2023
In this Ethereum Price Forecast 2023 article, we'll explore five potential scenarios for Ethereum's price performance in 2023.
Ethereum Price Down as crypto prices adjust…BUT Here’s what’s coming!
Ethereum prices are exploding! What's next for Ethereum? Should you buy Ethereum or wait? Let's assess in this Ethereum analysis.
UAE Launches ‘The Digital Dirham’: Good News for Cryptos?
The Central Bank of the UAE (CBUAE) announced the launch of its Central Bank Digital Currency (CBDC) strategy called 'The …