The Dogecoin is one of the few coins that seemed to recover quickly from the FTX crisis. However, it is still far from its fall value. As a meme base among the top 10, there is still a lot of potential to take off next year. But how high can the price go? We want to answer this question in this article.
Dogecoin: Elon Musk’s cryptocurrency
The Dogecoin was released back in 2013. However, it became very successful last year when the head of billionaire Tesla, Elon Musk, tweeted about it. It quickly earned its place among the top 10 cryptocurrencies. It reached an all-time high in May 2021 at $0.56.
It is far from this value today, among other things because of the FTX crisis. In the last 24 hours, the price fell again 2.60% to trade at $0.69. During the price crash in November, the DOGE lost more than 12%.
The recent market capitalization also fell by 2 percentage points and now stands at USD 9.2 billion. The 24 hour trading volume is also down 32%.
In order to be able to make a forecast for a cryptocurrency, it should always be evaluated based on several factors. Summary reveals interesting values for the future.
Dogecoin without a use case – DOGE also without a future?Based on the underlying values, the Dogecoin does not present a particularly attractive business model. The coin was originally planned as a joke currency and still has no major use. It also has inflation planning. This means that the amount of coins increases regularly. Annual inflation is currently 5%.
Usually, cryptocurrency developers focus on deflation planning. This means that even with low demand, its value would increase as tokens become scarcer over time.
Because of this type of planning, the Dogecoin only has the functions as a payment function or as a collector’s item. However, the application as a payment method could be a saving grace for the DOGE in the future. Elon Musk could help him with that.
Is Elon Musk the savior of Dogecoin?
Billionaire and Twitter head Elon Musk has shown interest in cryptocurrencies in the past. It was built especially with the Dogecoin. He regularly mentions the meme base on the short messaging service Twitter.
The course of the cryptocurrency exploded after each tweet. This created a kind of connection between Elon Musk and the DOGE. For example, it integrated the coin as a payment method in the Tesla Store. Customers can now pay for Tesla products with the popular meme token.
— DogeDesigner (@cb_doge) December 21, 2022
This dependence could be further strengthened in the future. After Musk bought short messaging service Twitter, he said he could see cryptocurrency integration on the platform. Surely it would give favorable treatment to the Dogecoin in this case.
If these speculations are confirmed and the Dogecoin finds a place on the Twitter platform, this would certainly affect the price. The social network has nothing to do with cryptocurrencies at the moment, but Elon Musk is known for pushing unusual business ideas.
Further ascent through Bitcoin is possible
The Dogecoin could get another rescue in the future through Bitcoin. The leading cryptocurrency is the whole market. If the price of BTC rises, other coins tend to do the same.
Despite the current unstable situation, Bitcoin still has a lot of potential. It can be assumed that its value will increase significantly in the next few years. Based on the Stock to Flow model, Bitcoin price is possible up to USD 110,000 next year.
Comparing the values of the possible increase, with the current prices of Dogecoin, the rate of Dogecoin could increase up to 0.48 USD in 2023. That put it close to an all-time high. But this situation depends on many factors.
Bitcoin can only reach this huge price if the economic situation stabilizes again. He wouldn’t be able to get up slowly again then. However, with a fresh rally and more crypto assumptions, the value is possible, according to analysts.
Dogecoin price in 2023: That’s what the experts say
It is very difficult to make a forecast for the Dogecoin at the moment. The crypto market is still very unstable and difficult to predict prices. Cryptoticker expects the price of the DOGE to be between $0.15 and $0.45 next year.
Here the experts also focused on chart analysis and the comparison with Bitcoin.
At Concierge you can see a strong reliance on Elon Musk and the current events around Twitter. He is stepping down as CEO of the chamber. The crypto analysts believe that the outcome of this debate will have a significant impact on the price of DOGE.
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