Will Dogecoin Reach $1 in 2023?

Dogecoin Creator Shares a Transaction Involving 450,000,000 DOGE
credit – Binance Academy.com

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?

Source: PYMNTS.com

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?

dogecoin wow Doge
Source: InvestorPlace.com

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

Will Dogecoin Transition to PoS? Core Developer Says No
Source: Kiplinger

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.

Dogecoin: 48% of the Supply Held by 10 Holders
Source: Coingape

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.