Dogecoin Prediction: Where is DOGE Going in 2023?

Dogecoin is one of the few coins that seemed to recover quickly from the FTX crisis. However, it is still far from its drop value. As a top 10 coin, it still has a lot of potential to come back next year. But how high can the price go? We want to answer this question in this article.

Dogecoin: a cryptocurrency from Elon Musk

Dogecoin was released in 2013. However, its success really took off last year when billionaire Tesla boss Elon Musk tweeted about it. It quickly earned its place among the top 10 cryptocurrencies. It reached its all-time high in May 2021 at $0.56.

We are far from this value today, among other things because of the FTX crisis. In the past 24 hours, the price has again fallen by 2.60% to trade at $0.69. During the price crash in November, DOGE lost more than 12%.

The market capitalization also recently fell by 2 percentage points and now stands at $9.2 billion. 24-hour trading volume is also down 32%.

In order to be able to make a forecast for a cryptocurrency, it should always be considered based on several factors. A summary reveals interesting values ​​for the future.

Dogecoin without a use case – DOGE also without a future?

Based on core values, Dogecoin does not present a particularly attractive business model. The coin was originally intended as a joke currency and still has little use. He also has inflationary planning. This means that the amount of coins is steadily increasing. Annual inflation is currently 5%.

Typically, cryptocurrency developers focus on deflationary planning. This means that even with low demand, their value would increase as tokens become scarce over time.

Due to this type of planning, the Dogecoin only has the functions of a payment function or a collectible. However, the app as payment could be DOGE’s salvation in the future. Elon Musk could help him with that.

Is Elon Musk the savior of Dogecoin?

Billionaire and Twitter boss Elon Musk has shown interest in cryptocurrencies in the past. He was particularly taken with Dogecoin. He regularly mentions the same corner on the short message service Twitter.

The cryptocurrency price exploded after each tweet. It created a sort of connection between Elon Musk and DOGE. For example, he integrated the coin as a means of payment in the Tesla Shop. Customers can now pay for Tesla products with the popular meme token.

You will see more and more of these signs in the near future. #dogecoin @Elon Musk pic.twitter.com/fMqWj88ikj

— DogeDesigner (@cb_doge) December 21, 2022

This dependence could be further reinforced in the future. After Musk bought short-messaging service Twitter, he said he could see the integration of cryptocurrency on the platform. He would surely give preferential treatment to Dogecoin in this case.

If these speculations were confirmed and Dogecoin found its way onto the Twitter platform, it would definitely affect the price. The social network currently has nothing to do with cryptocurrencies, but Elon Musk is known for pushing idiosyncratic business ideas.

Further ascent via Bitcoin possible

Dogecoin may receive another bailout in the future via Bitcoin. The leading cryptocurrency dominates the entire market. If the price of BTC increases, other coins usually do the same.

Despite the current unstable situation, Bitcoin still has a lot of potential. It can be assumed that it will experience a significant increase in value over the next few years. Based on the Stock to Flow model, there is a possible Bitcoin price up to $110,000 next year.

Comparing the values ​​of the possible increase, with the current Dogecoin prices, the Dogecoin rate could increase up to 0.48 USD in 2023. This would put it near its all-time high. But this scenario depends on many factors.

Bitcoin can only reach this huge price if the economic situation stabilizes again. Only then could he slowly ascend. However, with a fresh rally and more crypto speculation, the value is achievable, analysts say.

Dogecoin Price in 2023: That’s What the Experts Say

It is currently very difficult to make a prediction for Dogecoin. The crypto market is still very unstable and difficult to predict prices. Cryptoticker expects DOGE price to range between $0.15 and $0.45 next year.

Here, the experts also focused on chart analyzes and the comparison with Bitcoin.

At Concierge, you can see a heavy reliance on Elon Musk and news around Twitter. There is a resignation from his position as CEO in the room. Crypto analysts believe that the outcome of this debate will have a significant impact on DOGE price.

Become an expert now and make your own DOGE predictions: with Dash 2 Trade

The Dash 2 Trade Token presale will end in a few days. The platform should be released in a few weeks. This means that traders can quickly become experts themselves and have access to numerous analysis and forecasting options.

On the one hand, chain analyzes and risk calculations as well as an extensive notification system will be available. This is intended to provide users with detailed information about new cryptocurrencies and ICOs in the future. They should be able to clearly compare existing parts. An auto-trading feature is intended to protect traders from future losses.

A prediction for Dogecoin would be possible based on social media activities and other metrics on the Dash 2 Trade Dashboard.

With Dash 2 Trade, traders should be able to make their trading much safer and, above all, more profitable. The presale has already raised 11 million USD and ends in 10 days.

Cryptocurrencies are a highly volatile and unregulated investment product. Your capital is in danger.