Will DOGE hit $1?
The series of tweets about Dogecoin made by Elon Musk after he acquired Twitter which is today one of the most used social media platforms has got many investors talking about Dogecoin. Many believe that with Elon Musk backing this coin and now promoting it using Twitter that the price of Dogecoin will definitely hit $1 and possibly become the most valuable Cryptocurrency in the world.
While many seem to buy this view, a lot of traders too are opposed to it. The critics believe that the amount of Dogecoin in circulation is incredibly large and will require large capital investment into it before the price can ever hit $1.
Some still insist that Dogecoin remains a meme coin and hence, it will be difficult for a meme coin to attain such a high target given its total supply. Will Dogecoin disappoint its critics in the future? Will the price of Dogecoin exceed $1 by 2023?
What is Dogecoin?
Dogecoin is one of the most popular meme coin crypto projects that found its way into the mainstream to become one of the most valuable cryptocurrencies today. This coin was first created as a ridicule of the traditional cryptocurrencies having unlimited supply. It has the logo of a Japanese dog which is similar to the Shiba Inu logo. Dogecoin today has the largest community supporting it and is equally supported by Elon Musk to be the traditional cryptocurrency for giving tips on Twitter.
Price history of Dogecoin
Dogecoin has yielded massive returns from its creation up to the present moment. The price has surged from its lowest point seen in May 2015 at $0.00008696 to an all-time high at $0.731570 in 2021. This has opened the way for the price to attain $1 in the future should the price succeed in breaking this current all-time high resistance. Can Dogecoin achieve this target? We have discussed this in the next paragraph below.
Will DOGE hit $1?
The current support given to Dogecoin by Elon Musk and his newly appointed CEO of Twitter – Matt Wallace who has promised to protect free speech on the platform and integrate Dogecoin has got many predicting the next target for Dogecoin in 2023. Many reckon that with Dogecoin being the number one cryptocurrency for giving tips on Twitter and also likely to be adopted by the team as the currency for making payments on the platform; then all the barriers have been removed for Dogecoin to attain $1 soon. Some analysts see this coin as having the potential to exceed $1 before the end of 2023. Can Dogecoin achieve this target?
While this is possible, it remains a matter of speculation as Dogecoin’s future price growth will still be subjected to Bitcoin’s dominance in the market. This means we can only hope for Dogecoin to attain this target when Bitcoin recovers from the current bearish trend which will allow altcoins to revisit their all-time high.
How to trade Dogecoin?
There are two ways for trading Dogecoin today: Spot trading and CFD trading. However, one will first need to register an account with an exchange to trade Dogecoin using any of the ways above.
Dogecoin has become one of the most traded Cryptocurrencies in the world today.
List of Best Ten Crypto Exchanges to trade Dogecoin
- Huobi Global