A few weeks ago, Dogecoin price saw a massive increase, which was unfortunately stopped by the FTX crash. Nevertheless, DOGE performed well in the last few weeks and ensured that it rose to 8th place among the biggest cryptocurrencies by market capitalization. Many people see bullish times coming for this meme coin. Will Dogecoin price recover in 2023?
How will the Dogecoin price move in 2022?
Dogecoin (DOGE) price has lost heavily in 2022. That was due to the beginning of the bear market and was therefore to be expected. DOGE prices lost more than 90% since November 2021. Meme coins are known to lose even more in percentage terms than other cryptocurrencies in the bear market.
Especially in the first half of 2022, the Dogecoin price lost a lot. However, the price stabilized in the second half of the year. At the end of October, there was a stronger altcoin rally, during which Dogecoin was able to double its value within a few days. The takeover of Twitter by Dogecoin fan Elon Musk helped the DOGE particularly strongly.
However, due to the FTX crash , the Dogecoin price lost again, but its value was still higher than before the Altcoin rally. Recently, Dogecoin has seen a slight correction. Nevertheless, over the last 2 months, we saw a slight plus, even in the bear market. This suggests a positive Dogecoin forecast for the future.
Why will Dogecoin Price Recover?
The Dogecoin (DOGE) price could see stronger increases again in the coming year. This is shown, among other things, by the performance of Dogecoin in recent weeks. If a meme coin already shows good signs in a bear market, it can probably explode in a bull market.
Furthermore, Musk’s takeover of Twitter in particular has triggered great enthusiasm in the DOGE community. Because Elon Musk has long been a fan of Dogecoin. After Musk no longer wanted to accept Bitcoin as a means of payment at Tesla due to the alleged environmental damage, he saw Dogecoin as a new favorite and diligently shared the memes. In the future, he can use the powerful platform to bring more attention to the DOGE. This should very likely lead to price increases.
DOGE Prediction: is 2023 good for Cryptos?
Dogecoin (DOGE) should see increases again in 2023. This is also because the crypto market should transition back into a bullish phase in 2023. That’s how it was in the last bear market 4 years ago. In 2019, the Bitcoin price tripled from $3,500 in January 2019 to $10,500 in June of the same year.
In the event of a further Bitcoin increase in 2023, Dogecoin should also see strong price increases again. These increases could be amplified by the spread of memes via Twitter. A strong, short-term, speculative rally in Dogecoin also seems possible again. Over the months, the DOGE should be volatile but eventually see strong gains.
How high can Dogecoin Price Reach in 2023?
An increase in the Dogecoin price in 2023 seems very likely. A lot depends on how much the Bitcoin price and thus the overall market can rise again. If the Bitcoin price triples again, the Dogecoin price could rise by a factor of 5 at the top.
Over the year, the Dogecoin course should smooth out again. Consolidation could become more likely towards the end of the year. We therefore assume a Dogecoin forecast for 2023 of between 0.15 and 0.45 US dollars.
Is Dogecoin Good to Buy before 2023?
Dogecoin remains a very high-risk investment. If you believe in gains then you should buy the DOGE as part of a balanced portfolio. Keep in mind that although you can win a lot with the DOGE, you can also lose a lot. Nevertheless, the year 2023 could be a great opportunity for an investment in Dogecoin.
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