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.
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