By
Kseniia Klichova
April 24th, 2024
Dogecoin has one of the most dedicated communities in the industry and riding on the backing from Elon Musk, chances are that the coin will experience extreme volatility in the coming year.
Dear readers, Dogecoin (DOGE) is the altcoin we will be shining our beam on today as we analyze and predict how its price will be in the coming year.
It is undoubtedly true that Dogecoin is one of the oldest altcoins around, founded in 2013 as a memecoin. The digital currency was floated to create a means to reward content creators online, however, its utility has grown beyond imagination over the past few years.
Dogecoin notably has one of the most impressive price trends among the top 10 digital assets according to data from CoinMarketCap. Yes, it has been characterized majorly by a bearish momentum for the better part of the year, however, it has recorded a series of bouts of sharp spikes, occasionally giving 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 much as a high price of $0.2196. The price chart of DOGE/USD over the past year is shown in the image below.
Is 2023 the Year Dogecoin Price Will Hit $1?
At the current price Dogecoin is trading at, those who acquire the digital currency would have printed a massive 118343.91% in profit as the coin started trading at $0.00008547 about 8 years ago.
The growth track of Dogecoin has been quite impressive since its inception and with its growing popularity, many are overly optimistic that the memecoin’s price will eventually hit a price of $1. This would not have been a tremendous hassle had its circulating token supply been deflationary, however, as Proof-of-Work (PoW) mining activities continue, more DOGE tokens are still finding their way into the market.
There is approximately 132,670,764,300 DOGE known to be in circulation and at a price of $1, the coin will have a market capitalization of $132.7 billion, up from the $642 million it is today. This growth leap is quite ambitious and more so, to happen within a year when the token’s growth is dependent on Bitcoin (BTC) and other unforeseen macroeconomic circumstances.
That said, we implore our readers to project their expectations in a conservative way and adopt adequate risk management in their DOGE portfolio. In our projection, here are the price levels we expect DOGE to print 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 do not expect Dogecoin to record as much growth as it can touch $1. Maybe this will happen, but we are not convinced it will be anytime soon.
Strong Community and the Elon Musk Factor
Dogecoin has one of the most dedicated communities in the industry and riding on the backing from Elon Musk, chances are that the coin will experience extreme volatility in the coming year.
It should also be noted that Elon Musk’s acquisition of Twitter Inc makes it a very good platform to advance the publicity of the memecoin. With Musk being the biggest promoter of Dogecoin, more significant pumps and dumps may also characterize the DOGE price trend.
Stay tuned with us as we beam our radar on a new coin tomorrow.