Dogecoin (DOGE) is the altcoin we’re going to shine our spotlight on today to analyze and predict how its price will change over the coming year.
It is undoubtedly true that Dogecoin is one of the oldest altcoins, founded in 2013 as memecoin. The digital currency was launched to create a way to reward online content creators, but its usefulness has surpassed imagination in recent years.
Notably, Dogecoin has one of the most impressive price trends among the top 10 digital assets, according to data from CoinMarketCap. Yes, it has been characterized primarily by bearish dynamics for most of the year, however, it has had a series of episodes of strong increases, occasionally offering its investors good returns on their investments.
At a current price of $0.1012, Dogecoin has touched a low of $0.04972 over the past 12 months and it has also recorded as high as $0.2196. The price chart of Dogecoin/USD over the past year is shown in the image below.
Is 2023 the year when the price of Dogecoin will reach $1?
At the current price of Dogecoin, those who acquire the digital currency would have printed a massive profit of 118343.91%, as the coin started trading at $0.00008547 about 8 years ago.
The growth of Dogecoin has been quite impressive since its inception and with its increasing popularity, many are overly optimistic that the price of memecoin will eventually reach a price of $1. This wouldn’t have been a huge problem if the supply of tokens in circulation had been deflationary, however, as Proof-of-Work (PoW) mining activities continue, more and more DOGE tokens are finding their way into the market.
There are approximately 132,670,764,300 DOGEs in circulation, and at the price of one dollar, the coin will have a market capitalization of $132.7 billion, up from $642 million today. This growth leap is quite ambitious and more, to occur within a year, when the growth of the token depends on bitcoin (BTC) and other unforeseen macroeconomic circumstances.
That said, we implore our readers to project their expectations conservatively and adopt proper risk management in their DOGE portfolio. In our projection, here are the price levels we expect DOGE to achieve in each month of 2023;
- January 2023: 0.1200
- February 2023: $0.1255.
- March 2023: $0.1305.
- April 2023: $0.2100.
- May 2023: $0.1850.
- June 2023: $0.2110.
- July 2023: $0.3000.
- August 2023: $0.4205.
- September 2023: $0.4170.
- October 2023: $0.3500.
- November 2023: $0.4455.
- December 2023: $0.6000.
As seen in the predictions, we don’t expect Dogecoin to grow as much as it can touch $1. It may happen, but we are not convinced it will be anytime soon.
A strong community and the Elon Musk factor
Dogecoin has one of the most dedicated communities in the industry, and with Elon Musk’s support, there’s a good chance the coin will experience extreme volatility in the coming year.
It’s also worth noting that Elon Musk’s acquisition of Twitter Inc makes it a very good platform to push memecoin publicity. With Musk being the biggest promoter of dogecoin, bigger pumps and dumps could also characterize the DOGE price trend.