The crypto market made a significant comeback in January following the FTX meltdown in November 2022. Bitcoin, Ethereum, and Cardano were all able to post significant gains once more. On the other hand, less attention has been paid to Dogecoin. This was brought on as DOGE made fewer returns during the same period. But can Dogecoin reach $1 in 2023? Let’s analyze!
How did Dogecoin perform recently?
In the last few weeks, the Dogecoin price has experienced a stronger increase. Rising from $0.070, it went up to $0.095 within 3 to 4 weeks. This surge means the Dogecoin’s value gained as much as 35 percent in January. However, this was a smaller gain in value than many other altcoins.
Only last November was the Dogecoin price temporarily able to rise by over 100%. As a result, expectations of Dogecoin for the bullish January were very high. But the climbs were less than expected. Here the overall market has probably aligned itself again with Dogecoin, which benefited greatly from the Twitter takeover by Elon Musk in November.
Facts that can boost Dogecoin to $1
A surge above $1 for Dogecoin is extremely optimistic. The price would have to increase more than tenfold. The following factors could accelerate the increase:
- Dogecoin price could benefit from further increases in the Bitcoin price in the coming months. Back then, 2019 saw the Bitcoin price triple. A similar development could cause the Dogecoin price to rise massively.
- The crypto market has suffered somewhat as a result of interest rate hikes in the US and Europe. But these increases make a recession more likely. Especially in the EU, the ECB might have to take countermeasures again very quickly. Falling interest rates again should cause the crypto market to rise massively.
- Dogecoin price could be additionally pushed by strong quarterly figures on Twitter after the takeover by Elon Musk. Elon could also start promoting DOGE with tweets again.
When a combination of these general and specific trends come together, the Dogecoin price can certainly rise sharply.
Can Dogecoin reach $1 in 2023?
A move above the $1 mark seems unlikely at the moment. All of the factors mentioned would have to come together and it would still take some luck for the Dogecoin price to rise to 1 dollar in 2023.
However, we must not forget that meme coin madness is not always predictable. Meme coins are highly speculative. From surges to $1 to a severe drop in value, anything is possible for Dogecoin over the next few months.
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