Cetoex News – The crypto-verse has witnessed an array of lawsuits over the last year. This includes the $258 billion lawsuit against Elon Musk for “running a pyramid scheme to promote Dogecoin.” While these charges came in June 2022, they surfaced again after Musk’s lawyers sought the dismissal of the suit recently. As the Judge is yet to give out a verdict, the largest meme coin’s price recorded a massive fall.

The entire cryptocurrency market was undergoing a slight correction. However, Dogecoin was taking a bigger hit than the others. The asset was trading for $0.0783 with a 7% daily drop, at press time.

As seen in the above chart, the meme coin was exhibiting a lot of bearish actions. The Parabolic SAR indicator used in the chart formed dotted lines above the candlesticks indicating resistance to any possible uptrend. A major downfall could be evaded by DOGE thanks to its prominent support line at $0.0726 and $0.0702.

Additionally, the Relative Strength Index [RSI] indicator noted how DOGE dipped from the overbought zone on April 2. Currently, the asset resides at around 50 median which signifies no major buying or selling activity.

Dogecoin: The most popular meme coin

According to Lunar Crush, Dogecoin has been declared the most popular meme coin in terms of social volume over the past week. This could have been due to the lawsuit and the asset’s recent plummet. Shiba Inu [SHIB] and Baby Doge took over the second and third places.

Despite the asset’s downfall, the number of long-term holders of Dogecoin was seen expanding their holdings. Data from IntoTheBlock highlighted that addresses that have held DOGE for from than a year now entail a whopping 44,800,000,000 DOGE worth over $3.76 billion.

The quantity of DOGE presently owned by long-term holders is at its greatest level since October 2021. This was when Dogecoin was trading at about $0.30.

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Cetoex News – Dogecoin is trading at $0.073 currently and is up nearly 6% after trading in the red for four consecutive days. The leading meme coin is displaying positive sentiments but a rally could be out of the cards. DOGE barely rallied this year and mostly traded on the back foot for three months. However, Bitcoin touched $26,000 on Friday, March 17, 2023, which led to other cryptocurrencies heading north in the indices.

BTC is gearing up for a potential rally despite the banking crisis as positive sentiments have entered the markets. If the king coin carries on with the momentum, it could touch a yearly high of $28,000 next. The development could make DOGE soar in price and give it the much-needed boost.

Dogecoin Prediction

The Dogecoin community banded together on CoinMarketCap giving out a price prediction for March 31, 2023. The DOGE community remains to be slightly bullish as the cryptocurrency markets are performing well as BTC is steadily scaling up.

According to the community prediction, Dogecoin could reach a new high of $0.085 by the end of the month. That’s an uptick of nearly 15% from its current price of $0.073.

The DOGE community has an accuracy rate of 78.72% when it comes to giving out price projections every month. On the other hand, price prediction firm, Analytics Insight also forecasted that DOGE could end the month at $0.08. The estimate suggests that the meme currency could retrace in price in early April after reaching the $0.08 mark.

The markets remain on the brink of a banking crisis that could snowball further and damage the growth of stocks and cryptocurrencies.

At press time, Dogecoin was trading at $0.073 and is up 5.6% in the 24-hour day trade. DOGE is down 89.90% from its all-time high of $0.73, which it reached in May 2021.

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Cetoex News – The cryptocurrency market has been experiencing a downtrend. Almost every asset had dropped in the last 24 hours. This included meme coins like Dogecoin [DOGE] as well as Shiba Inu [SHIB]. It looks like Elon Musk’s favorite cryptocurrency could continue this trend into the weekend as well.

At press time, Dogecoin was trading for $0.08437 with a 1.28% daily drop. The asset’s trading volume followed suit and dipped by 35% over the last 24 hours.

As seen in the above chart, the price of DOGE has been moving sideways in the asset’s 4-hour chart. Therefore, the direction of its breakout is uncertain. However, a prominent indicator was pointing toward the bears.

The Relative Strength Index [RSI] indicator indicated that there were more sellers at the time. With the RSI marker below the 50-day median, the indicator hinted at a bullish notion. If this trend persists, Dogecoin could drop to its immediate level of support, which is at $0.8087. If the bulls decide to pay a visit, the asset might move toward the $0.0900 range.

Despite the advent of the bears, most of the Dogecoin holders were pocketing profits. Data from Into The Block revealed that 58% of the holders were making money at the asset’s current price. Only 37% of them were suffering a loss.

Dogecoin’s social engagements take a hit as other meme coins thrive

Despite constant tweets by “Dog Father,” Elon Musk, the asset did not rise in terms of its social volume. According to Lunar Crush, weekly social engagements have decreased by 24%.

However, the asset’s other on-chain metrics remained prime. According to Messari, Dogecoin was the 6th most active network right below Litecoin [LTC]. The total transaction volume of the network was $118 million, with 49,955 active addresses.

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Cetoex News – It was the first, and most prominent, meme coin to enter the digital asset industry. It developed a massive community, and spawned competitors like wildly beloved Shiba Inu, to craft their own niche in the crypto world. But, could Dogecoin actually reach $1 in 2023?

The last Dogecoin rally was in 2021, preceding the following year’s events that took a detrimental toll on the industry. 2022 saw investors opt for less volatile cryptos as the market experienced turmoil. With a positive start to the year, could DOGE reach unprecedented heights?

DOGE in 2023

Currently, Dogecoin is down 90% from its all-time high of $0.74, trading at easily $0.07. But as the new year has occurred with a strong upturn for the industry as a whole, and coins across the board doing well, a DOGE rally is not out of hte realm of possibility.

2022 saw the meme coin experience a few spikes in its relatively depleted price. Primarily due to Elon Musk’s affinity for the digital asset, and how it could potentially implement with Twitter in the future. A decade after its launch, is Dogecoin reaching $1 entirely out of the question?

If the events of the cryptocurrency industry at the start of the year are any indications then it is definitely not. There is a hope that retail investors are driven in by the allure of speculative sentiment, and a bullish rally that continues an uptrend for eh entire market.

Observation of Dogecoin’s past market reactions adds to the possibility. In 2027, it surged over 1,500%. Moreover, 2018 saw another rally push the coin to surpass a $0.01 price All of that paled in comparison to the 2021 rally that saw the coin surge 10,000%.

The Elon Musk Factor

For Dogecoin to experience any $1 rally, it will require the continued Elon Musk factor. The self-proclaimed “Dogefather” has always been closely connected with Dogecoin’s price action. Whether it be his proclamation on Saturday Night Live or the acquisition of Twitter, DOGE rallies tend to follow closely with the news announced regarding the Telsa founder.

Conversely, amidst all of the Elon Musk-related spikes, the price of DOGE never quite exceeded $0.15. Subsequently, for the coin to reach $1, it would rely heavily on the announcements of the meme coins’ integration into Twitter in some capacity.

IF Musk were to make Dogecoin a major aspect of the Twitterverse, it will undoubtedly push the meme coin towards an unprecedented rally. Alternatively, there seems to be a plethora of setbacks during Musk’s initial period of ownership over the social media platform. Thus, leading any kind of DOGE-related integration as a development in the near future.

A Potential Upgrade

Although Musk would certainly have. appositively influence on a potential DOGE rally, so would an upgrade. One could argue that Dogecoin’s greatest competitor, Shiba Inu, has benefitted greatly from the impending release of Shibarium. Something that could have an equally beneficial effect on the original meme coin.

In order for Dogecoin to reach $1 in 2023, there must be an upgrade that pushes the asset beyond being valued simply as a payment option. Expansion of blockchain uses, and continued exploration of the crypto space throughout Web3 could spur a massive influx of retail investors.

That could be something akin to a transition to a proof-of-stake (PoS) blockchain as Ethereum did. A move of hte like could finally push Dogecoin past its current standing, where it is still utilizing 10-year-old technology. However, Fool.com notes any potential upgrade remains a hugely controversial topic in the dogecoin community.

Conclusively, Dogecoin reaching $1 in 2023, from its current $0.07 price seems rather unrealistic. It would input a new all-time high for the meme coin, and place it in a value range alongside Bitcoin and Ethereum. Still, anything remains possible, and part of the volatility of the industry is to certainly expect the unexpected.

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The popular meme coin has taken a hit to its value in the closing days of the year, as Dogecoin has fallen 13%. Moreover, the fall appears sot be connected to recent speculation that there will be a proof-of-stake (PoS) transition on the horizon.

The last week has seen the original meme coin fall 13%, with the last 24 hours seeing a 6% drop to $0.07 according to CoinGecko. Additionally, the volatile meme coin is the center of speculation amidst a potential adoption of the PoS mining model.

Dogecoin Falls to Close 2022

Rumors have been rampant that Dogecoin is set to embrace a transition to he more energy-efficient PoS model, similar to Ethereum’s September merge. Subsequently, with social media speculatively observing the coin, one of its core developers denies that the move would be imminent.

Michi Lumin, a Dogecoin principal Engineer, urged the community against listening to influencers. Lumin stated that many discussing the potential move, “do not actually have the inside scoop on what’s going on with [Dogecoin].” Conclusively, noting, “just because one says a validation method is changing, doesn’t mean it is.”

Additionally, Lumin notes that the move would be impossible without the approval of Dogecoin’s node validators. Thereafter noting that the Dogecoin Foundation is powerless to force that kind of transition.

When it comes to the PoS mechanism, Ethereum is the most notable adopter. The alternative mining method is a more energy-efficient way of powering decentralized blockchain, However, it is believed to be less secure than the proof-of-work model. Conversely, the September move for Ethereum was followed by a price drop.

Currently, Dogecoin is the second largest proof-of-work crypto, with a $9.3 billion market cap. Yet, it is still far behind the $316 billion market cap held by Bitcoin.

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Cetoex News – The first meme cryptocurrency, Dogecoin [DOGE], made waves in the industry. The asset received written support from multi-billionaire Elon Musk, who also played a key role in keeping its name heard. As a result, the DOGE price was directly influenced by Musk’s actions. His most recent Twitter purchase had a sizable effect on the asset’s price.

The month of October saw an outstanding performance from Dogecoin. The meme coin increased by 119% during this time, outpacing gains made by other significant altcoins.

However, DOGE slipped back and began shedding most of its gains. As 2022 is winding up in two days and we enter 2023, will Dogecoin make a resurrection? Let us find out.

Dogecoin price prediction for January 2023

At press time, DOGE is trading at $0.07108, with a 0.31% drop in value over the last 24 hours. The meme coin is also down by 5.7% over the last seven days and 29.95% over the last 30 days, as per the data from CoinMarketCap.

Cryptocurrency experts at Changelly predict this based on the behavior of Dogecoin at the beginning of 2022. The average price of DOGE is expected to be $0.0779922 in January 2023. The maximum expected price is $0.079992, and the minimum price is $0.00709929.

However, the prediction can be overturned by Musk and his single tweet about the incorporation of Dogecoin on Twitter, which is anticipated by many.

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Cetoex News – Twitter CEO Elon Musk has responded to an invitation to talk to the Dogecoin Army. In a reply, Musk stated his willingness to hold a Twitter Spaces where he can talk to the collective on a date closer to Christmas.

Musk and Dogecoin have been intertwined for some time, with the former well-known as an enthusiast for the meme coin. Rumors of its possible integration into the social media platform have abounded since his acquisition.

Musk to Talk to Dogecoin Army

In response to an invitation from Twitter user, Sir Doge of the Coin, Elon Musk has stated his willingness to talk directly to the Dogecoin Army. The Twitter CEO responded on the platform. Stating that he is willing to hold a Twitter Spaces at a date closer to Christmas.

Twitter Spaces is a function of the social media platform that allows live audio conversations. The setting will allow the billionaire to talk directly to the meme coin enthusiasts about whatever he sees fit to discuss. Conversely, the invitation from Sir Doge was one that would allow the Dogecoin army the chance to talk directly with Musk himself.

The official Tweet from Sir Doge stated the lighthearted nature of the potential Spaces. Assuring it be the chance for Musk to “chat first hand with the community,” further assuring it was “nothing serious, purely fun.” Musk Tweeted that his hectic schedule required a delay in any potential plan. “Things are a little intense right now,” Musk remarked in a Tweet, “but maybe closer to Christmas.”

Among the endless topics Musk could discuss with the Dogecoin Army, chief among them is the possible future integration of the meme coin into the platform. Rumblings have occurred since the acquisition of Dogecoin potentially becoming an available payment method on the network. Subsequently, Musk has only stoked the fires of curiosity by ensuring it is a viable possibility.

For now, it seems Musk has a lot on his plate. The recent controversy over a potential replacement as CEO is likely to eat up a lot of his time. Moreover, it appears as though that search is the most relevant to any developments with Twitter’s future integration of payment methods.

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