The Dogecoin is the best-known meme coin and has been established on the crypto market for years. Almost every investor knows that this is a very speculative asset and still invest because the price potential for the future is so high. But can the Dogecoin price hit $1 in the upcoming bull market? In this Dogecoin price prediction, we list the factors that contribute to such a potential rise.
Dogecoin is known as a meme coin for extremely strong price increases and also very strong drops. In recent months we have seen this effect very clearly, even in a bear market. In early November 2022, the Dogecoin price saw a massive rally where the DOGE was able to more than double.
As part of the FTX crash, the Dogecoin course then fell massively again. Still, Q4 was more bullish for Dogecoin West than other major cryptocurrencies. On the other hand, the first quarter of 2023 was rather weak for Dogecoin, although we had a bullish overall market.
The Dogecoin price has nevertheless risen from $0.070 to $0.097 in the last few weeks. But in the last few weeks, the price has fallen back to $0.074. So we also see very strong fluctuations in the bear market, which are larger than with other coins.
Can Dogecoin reach $1 in the next bull market?
The bull market should start after the next halving in 2024 and 2025. In this phase, it is possible that the Dogecoin course could explode again. But what factors will determine whether Dogecoin price will soar again?
1. Massive surge in the last bull market
In the last bull market in 2020 and 2021, the Dogecoin price also saw a massive increase. In the previous bear market, DOGE price was in the $0.0020 range. In the bull market, the price rose to $ 0.70 at its peak.
The increase back then was 3,500% within a few months. It is unlikely that the price can rise by that percentage in the next bull market. However, an increase of less than 1,000% is needed for the Dogecoin price to rise to $1 in the next bull run.
2. The 1-dollar price was almost reached in 2021
The Dogecoin price has already risen above $0.70 in 2021. This means that the path to $1 is not far at all in the coming bull market.
One could counter that the price of $0.70 was only created by the massive hype by Elon Musk. But even assuming that the hype was extremely artificial, it would not be a long way to $1 in a new bull market where prices are very likely to go much higher again.
3. Social media hype
The hype about Dogecoin on a platform like Twitter could also be repeated in a renewed bull market. Especially the takeover of Twitter by Elon Musk and his overhaul of the platform offer opportunities for new meme coin hypes. However, Elon recently tweeted that he turned away from cryptos and is now into a new hype: Artificial Intelligence or AI. If Elon does turn back to his cute DOGE tweets, only then can the Dogecoin price soar again.
“I used to be in crypto, but now I got interested in AI"
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