In January, the Dogecoin price saw substantial price increases. However, these gains were not as substantial as those of other cryptocurrencies, which seems strange for the meme coin. But that doesn’t rule out a strong rally in the coming weeks. What is the Dogecoin price prediction for February 2023? Dogecoin to hit $3 if this happens. Let’s take a look at it.
How has the Dogecoin price moved in the last few weeks?
Dogecoin To Hit $3: DOGE/USD Weekly chart showing the price – GoCharting
The Dogecoin price has risen significantly in recent weeks. Since the beginning of the year, the DOGE has risen from $0.069 to around $0.090. Within this increase, there were well-known strong fluctuations. However, while the overall increase was significant, it was less than that of many other altcoins.
The price increase came after a period of sharp ups and downs in the final weeks of 2022. The takeover of the short message service Twitter by DOGE fan Elon Musk, in particular, drove up the price significantly. Following that, it collapsed massively as a result of the FTX crash. In comparison, bitcoin was relatively “quiet” in January 2023.
Why hasn’t the Dogecoin price risen dramatically in recent weeks?
The price of Dogecoin could skyrocket in the next four weeks. However, in comparison to other Altcoins such as ADA or SOL, the price could not grow as rapidly. Here we see a phenomenon in which a particular coin tends to calm down after unexpectedly large increases or fluctuations.
In the fourth quarter of 2022, the DOGE price rise was thus already slightly ahead of the market as a whole. As a result, prices may not rise as much in January. As a result, the market has “caught up”. However, this implies that another Dogecoin rally is likely, which may have an impact on the Dogecoin forecast.
Dogecoin To Hit $3 In February?
In the coming weeks, the Dogecoin price could move in a variety of directions. On the one hand, the overall market could continue to rise, causing the Dogecoin price to skyrocket. However, a minor or even major crash in the market is possible in the coming weeks.
The Dogecoin price could move in 2 different directions in the next few weeks. These hives could be quite severe. At the moment it is extremely difficult to say which scenario is more likely in the coming weeks. If the overall market improves, the Dogecoin price may rise in the coming weeks. Dogecoin could rise to $0.11-$0.13 by the end of February in this case.
In the second scenario, the overall market would experience another stronger crash, bringing the Bitcoin price to $20,000 or even lower. In this case, we anticipate a Dogecoin price range of $0.05 to $0.07 by the end of February.
Now, in an interesting move, Twitter has been looking for new ways to increase revenue since Elon Musk bought the company. But it seems that Musk is about to make a move that will take Twitter’s services far beyond merely a social media platform, as he plans to transform Twitter into a payments platform to contend with Apple Pay and PayPal.
According to the Financial Times, the company has been trying to apply for the licenses needed to function as a payment service in the United States. Based on the report, Esther Crawford, Twitter’s Head of Product Management, has been focusing on the new service’s architecture. According to the report, Musk intends to transform Twitter into an “everything app.”
While Twitter’s new payments system will at first aid fiat currency and payment options, the firm intends to add cryptocurrency assistance in the future. The platform would end up competing with PayPal and even Apple Pay, which enables visitors to not only expect to be paid in stores but also move funds between them. This movement could push the DOGE price to rise further in the coming weeks.
Is an investment in the DOGE worthwhile?
Dogecoin (DOGE) is still a highly speculative investment, as evidenced by our Dogecoin prediction for February. The market, particularly these days, is difficult to forecast. As a result, only invest what you are already losing.
Long-term DOGE investment is also feasible. So far, Dogecoin has increased sharply in the long term. There is also a greater risk for the meme coin here.
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Source: https://cryptoticker.io/en/dogecoin-to-hit-3-in-february/