Dogecoin gained popularity after Elon Musk tweeted about it in 2021. DOGE prices hit their peak at $0.75 when it showed up on the SNL live TV show. But even so, once the hype started wearing off and the Crypto Winter started, its value nosedived to 5 cents. Will DOGE reach $2 in 2023 as now Elon Musk is the new CEO of Twitter? This article is all about Dogecoin price prediction. Let’s take a look at it in more detail.
What is DOGE crypto?
The first meme token was Dogecoin. Dogecoin was originally developed as a parody of Bitcoin and was only intended to be used as a humorous currency. Even so, as years progressed, more and more investors became involved in cryptocurrencies, which has caused the price to increase and Dogecoin to gain publicity. This was also impacted by the Shiba Inu dog meme, which functions as the Dogecoin symbol.
Dogecoin utilizes the Proof-of-Work consensus algorithm. The official conversion of Ethereum to a PoS network essentially ended ETH mining. Because Ethereum no longer utilizes a PoW consensus, Dogecoin (DOGE) has overtaken Bitcoin as the second-largest PoW blockchain. It has great promise to be utilized as a decentralized payment option as an option to Bitcoin.
Why is the DOGE price up? Elon Musk Impact?
The world’s wealthiest person is now the CEO of three businesses. Elon Musk makes it a point on Twitter, where he is now the second most followed individual, in running and managing Tesla, SpaceX, and Twitter.
In another particular instance, Tesla CEO Elon Musk did mention Dogecoin (DOGE), having caused the meme coins price to jump fractionally. Amusingly, the new Twitter CEO stated “ ‘Dogecoin (DOGE) To The Moon in his beginning statement on Saturday during a Twitter space. Musk made the comments in the Twitter space organized by Mario Nawfal, creator of International Blockchain Consulting Group. In the meantime, the DOGE price increased slightly in response to the Tesla CEO’s comments.
Apart from DOGE, Musk also did mention the safety of crypto assets and Sam Bankman-interest Fried’s in obtaining a stake in Twitter. Musk mentioned that the founding father of FTX “wanted to invest in Twitter but ended up giving off very negative vibes.” He also clearly spelled out the well-known sentence, “If it’s not your key, it’s not your wallet.” Musk also mentioned that he was working hard on the DOGE aspect.” Following Elon Musk’s remarks on memecoin, the cryptocurrency soared by around 10%.
DOGE is currently trading at $0.0887, up 2.27% in the last 24 hours. Even so, the crypto horror show that happened earlier in the week has had a massive effect on all crypto assets. DOGE is still down 23.77% in the last 7 days.
Dogecoin Price Prediction: Can DOGE reach 2$ soon?
Since its jokey debut by two software engineers in 2013, Musk has played a prominent part in the emergence of dogecoin. His tweets showing support for the coin, including the one making reference to it as the “people’s crypto,” assisted in its price soaring well almost 4,000% in 2021.
Thus according to cryptocurrency specialists, the latest price hike having followed the Twitter deal was bolstered by investor stakes that Musk would integrate doge into the platform’s payment service. “There’s a great deal of speculation that Twitter will end up serving as a test bed for doge adoption and exploration for possible purposes.
The so-called meme coin reached its peak at $0.63 in May of last year, but economy-wide unpredictability and investor intense dislike of dicey markets have since squashed it, along with other notable digital currencies like bitcoin and ether. Even after the huge rally, the doge is weaker than expected by 57% in the last year.
Dogecoin (DOGE) witnessed significant momentum going obeying Elon Musk’s Twitter acquisition. Musk has earlier indicated his support for the memecoin on several instances. Musk lately tweeted a photo of his Shiba Inu pet dog dressed in a Twitter t-shirt in honor of Halloween. The community was cheerful about Musk’s buyout, which could be an indication of Dogecoin’s (DOGE) inclusion into the Twitter platform.
While a significant gain would be considered necessary to meet the all-time highs, Musk’s declarations about incorporation with Twitter and ongoing articulation about Dogecoin reaching the moon by the world’s richest person could result in another rally for the meme coin. Thus, in 2023 the DOGE price could touch $2 or even $3.
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