Dogecoin has not been able to continue its rise at the beginning of 2023 in the last few weeks. In the last few weeks, the DOGE price has fallen more sharply, so the price has hardly been in positive territory since the turn of the year. But with meme coins, we never know if the big bull run might come at any time. What is the Dogecoin forecast for the end of 2023?
How has the Dogecoin price moved so far in 2023?
The Dogecoin price has not increased significantly in the last few weeks and months. During the turn of the year 2022 / 2023, the Dogecoin price was 0.07 US dollars. In January and early February, the DOGE price briefly rose to $0.096. But after that, we saw a sharp fall in the price.
Due to the appearance of the Dogecoin logo as an icon on Twitter, the Dogecoin price rose to $0.095 in early April. But the hype subsequently died down. While the Bitcoin price remains in the range between $28,000 and $30,000, the Dogecoin price has fallen more sharply in recent weeks and is now only $0.075. This raises the question of how the Dogecoin forecast for the end of 2023 turns out.
Why is DOGE Price down?
The DOGE price has hardly seen any increase in 2023 so far. In the last few weeks, there have been the typical fluctuations that make up a meme coin like the Dogecoin. Nevertheless, Bitcoin was able to rise much more strongly than Dogecoin.
For one thing, a meme coin is typically more volatile and down more in a bear market than a cryptocurrency like bitcoin. On the other hand, the Dogecoin experienced only a short-term hype about the Twitter platform in the last few weeks, which quickly flattened out again. In recent weeks, attention has turned more to external factors such as the banking crises. This is more likely to harm a speculative coin like Dogecoin.
What is the Dogecoin forecast for the end of 2023?
With a meme coin, short and medium-term forecasts are always very difficult to make. The Dogecoin course could develop in several directions in the coming months. Nevertheless, we are rather bullish for the Dogecoin course for the next few weeks and months. Dogecoin year-end forecast should be bullish.
However, there could be strong fluctuations over the next few months. A major bull run could be imminent in the short term over the next few weeks if Bitcoin price breaks out of its $28,000 to $30,000 range. This could trigger a major altcoin rally.
How high will Dogecoin price reach till end of 2023?
The Dogecoin price could see a stronger increase in the coming weeks and months. Even a doubling of the price to $0.14 seems likely. In the fourth quarter of 2022 alone, when other coins were still very bearish, the DOGE price rose to this value.
A Dogecoin forecast that includes a 3x or 5x increase is still very optimistic as of today. Then the overall market would have to remain bullish throughout the second half of 2023. However, after a strong increase in the summer, we expect losses on the market again towards the end of the year. We therefore assume a Dogecoin forecast of 0.12 to 0.18 dollars for the end of 2023 .
Source: https://cryptoticker.io/en/dogecoin-prediction-for-year-end-2023-are-we-seeing-3x-to-5x-by-december/