Dogecoin has had a very changeable 2022. On the one hand, the price of DOGE has fallen sharply in recent months. But at the end of October/beginning of November, the price doubled again briefly before falling sharply again. However, the year 2023 could again bring strong gains like in recent years. Can Dogecoin even grow 10 times in 2023?
In this article, we want to look at the immediate future of Dogecoin and see if the price of Dogecoin can explode in the next few months.
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How has the Dogecoin price changed over the last 12 months?
The Dogecoin price overall has lost a lot of value over the past 12 months. At the turn of the year 2021/2022, the price of Dogecoin was still 0.17 dollars. But in the coming months, the price fell massively lower. In mid-June, the price only reached a value of $0.053.
In the second half of the year, the Dogecoin price then saw a sharp rise and fall. In August, the price of DOGE was able to recover to over $0.086. After falling back below $0.060, Dogecoin was able to more than double its price for a short time in late October. The price broke above $0.124.
With the FTX crash, the course lost a lot again. In early December, Dogecoin was again able to climb above $0.10 in value and stabilized in the $0.075 range for the past few weeks.
Why was Dogecoin so volatile in 2022?
Over the past few weeks and months, the Dogecoin price has seen extremely large fluctuations, which has recently made it difficult to predict the coin meme. October’s massive spike came as a strong altcoin rally coincided with a Twitter takeover by a US billionaire. Musk is considered a big fan of Dogecoin.
The hype surrounding Musk’s takeover of Twitter is also the reason why the Dogecoin price was able to perform better than other altcoins, especially in the second half of 2022. Nevertheless, the fluctuations are high, which can be considered as normal for Dogecoin. The meme coin can rise massively again and again, only to fall back sharply.
Can the price of Dogecoin explode again in 2023?
The year 2023 could bring another rise in cryptocurrency prices. But Dogecoin in particular could explode. We would like 3 the reasons name why the price of Dogecoin could increase massively in the next 12 months:
1. New bullish phase in the crypto market
We have mentioned several times in the past that we believe a stronger market upside in 2023 is likely. This was also the case in 2019 and the price of Bitcoin tripled in the short term. If this happens again in 2023, Dogecoin in particular could gain momentum and increase by a factor of 5 or even more.
2. Undervalued Courses
We consider it likely that cryptocurrency prices are massively undervalued at this time. This is mainly due to increases in interest rates in the United States, which have strengthened the US dollar and therefore FIAT currencies in general. As a result, cryptocurrencies lost value. But the coins are probably undervalued right now. This could also be the case with Dogecoin.
3. The hype surrounding the Doge meme on Twitter
Dogecoin has repeatedly seen massive increases whenever the Doge meme has been released on social media. This could still be the case next year. Add to that the fact that Elon Musk, a fan of meme coin and memes in general, controls the mighty platform. Musk can thus massively push Dogecoin itself as it rises, making price explosions more likely.
Can the price of Dogecoin increase by 10x?
A 10x increase seems very ambitious for Dogecoin at the moment. But a coin hype can come faster than expected and once FOMO starts to take hold among investors, the price should once again soar faster than expected. If you invest in DOGE early, you could potentially fully benefit from it this time.
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