Will Dogecoin Reach $1? | CoinCodex

In 2021, Dogecoin (DOGE) pulled off one of the most impressive bull stories in crypto history, gaining over +12,000% between the start of the year and its May all-time high peak of $0.738. At the time, many investors were eagerly awaiting the resolution to the question: “Will Dogecoin reach $1?” While it failed to do so in 2021, it showed that Dogecoin can reach 1 dollar, as long as a strong social media push and a broader crypto market upswing are in play.

The history of meme coins started with Dogecoin. When cryptocurrencies were just entering popular consciousness, Billy Markus and Jackson Palmer decided to make a parody of Bitcoin (BTC), a token that would show that cryptocurrencies don’t have to be taken so seriously. What started as a joke in December 2013 has grown to become one of the top ten cryptocurrencies in the world based on market cap. It has also inspired thousands of other meme coins.

The big break for Dogecoin came in 2021 when its price increased by roughly 3,000% over the course of the year. This was due to support from influential people such as Elon Musk and Mark Cuban. Its price performance at the time also helped other meme coins, especially Shiba Inu (SHIB). However, the impressive price performance was not enough to make it worth $1. Its all-time high is $0.738, reached in May last year. But this has not stopped the speculation among many investors that Dogecoin will moon. Here, we discuss Dogecoin’s performance history and answer the question, can the Dogecoin price reach $1?

Will Dogecoin reach $1?

There is a possibility for the price of Dogecoin to reach $1 if the previous market performance is anything to judge by. Before 2021, the token existed on the fringes of the crypto space, with only the hard-core community members paying attention to it. It was worth $0.003 in December 2020 and commanded a market capitalization of roughly $370 million. In the span of just one year, it became one of the ten largest crypto projects with a market cap of more than $88 billion. 

Suddenly, millions of new investors were looking to buy Dogecoin in hopes of future price increases. It is fair to say, that after the massive bull run, Dogecoin became one of the most popular cryptos in the world, rubbing shoulders with the likes of Bitcoin and Ethereum. 

Certain factors could aid Dogecoin in its quest to reach $1. They include:

Potential Integration on Twitter

Dogecoin saw its price rise by about 100% last month after Elon Musk acquired Twitter, with the speculation growing that he would integrate the currency into the platform. The excellent price performance continued until the report that Twitter had discontinued its crypto wallet project. This shows the impact that a Twitter integration could have on DOGE price. This is especially important because DOGE has little utility presently, and more utility will likely increase its chance of growing up to $1.

Support of Elon Musk

Elon Musk’s support was integral to Dogecoin’s rise to popularity, and his influence within the community has not diminished. His companies accept Dogecoin for merchandise, and he has promoted it several times. Given his influence and continued and active support for Dogecoin, especially during a bull market.

Strong Community

Dogecoin has had a robust community behind it since its early days. Since its early days, the community has been vibrant and responsible for several amazing things. This includes sponsoring the Jamaican Bobsled team to the Olympics, building new wells in Kenya, and sponsoring a car at NASCAR.

Move to Proof-of-Stake

Ethereum co-founder Vitalik Buterin confirmed that Dogecoin would be moving from proof-of-work to proof-of-stake some months ago. Such a transition could further increase Dogecoin’s appeal, especially among eco-friendly crypto participants. That could also drive its price.  

When will Dogecoin reach $1?

While it is generally agreed that Dogecoin can reach $1, the bone of contention is when this would happen. Given that it has not reached $1 in almost ten years, many might question how long it would take. But a look at Dogecoin price prediction could give an idea of this.

Dogecoin 1-year price prediction (as of November 25, 2022).

Presently, Dogecoin is trading above its 200-day simple moving average, and its performance in the last three years is over 3,000%. This is generally a good sign and portends an even better future.

The chances of DOGE hitting $1 in 2023 seem high –  according to Coincodex’s DOGE prediction, the meme coin could be worth as much as $1.21 in May 2023. With 22 bullish signals and 7 bearish ones, the algorithm predicts a replay of last year’s May rally. Of course, even the best price forecasts are still speculations, as the cryptocurrency market is highly volatile. 

Even with the relatively high possibility of reaching a dollar soon, the price of DOGE still has a much better chance of doing so than the other popular meme coin, Shiba Inu. This is due to many reasons that we have discussed in a previous article. But most importantly, the total supply of Dogecoin makes it possible for the token to reach $1 faster than Shiba Inu or any meme coin, for that matter. But in terms of utility, SHIB, built on Ethereum, has better utility than the Scrypt language-based Dogecoin.

So, will Dogecoin ever reach $1?

Elon Musk once predicted that Dogecoin would be the currency of the world (and Mars). But the current market conditions are causing many to reconsider their stance. Most Dogecoin predictions are bearish. However, Dogecoin still has the potential to reach 1 dollar. After all, the coin was worth only $0.005 on January 1, 2021, and $0.1715 by December 31. If it can grow that fast in a year, nothing is stopping it from reaching $1. But that might not happen very soon, especially not if the crypto winter persists.