The cryptocurrency market has made significant gains in the past two weeks. Dogecoin’s performance also looks plausible as Bitcoin, Ethereum and many other altcoins make up for their 2022 losses. Will Dogecoin see $10 soon? In this article, let’s look at how this can happen in detail.
How has the Dogecoin price changed in recent weeks?
DOGE price has risen once again in recent weeks. However, recent gains have not been as strong as those seen in many other cryptocurrencies, rising more than 10% in the first few days.
Two weeks later, Dogecoin price rose dramatically to $0.089. However, the price could not continue to rise and experienced more ups and downs. Dogecoin price has stabilized in recent days and is currently trading just below $0.090.
Why hasn’t the price of Dogecoin increased as much as other altcoins?
While the price of Bitcoin has increased by more than 25% in the last two to three weeks, there has been only a 15% increase in the price of Dogecoin. The lower rise was mainly due to the possibility of a stronger rally for Dogecoin in 2022. DOGE rose more than 120% at the beginning of November 2022. Shortly after, the FTX collapse occurred and the Dogecoin price suffered further losses. However, the DOGE price performed admirably in the fourth quarter of 2022. Due to these gains, the DOGE price may not have risen as much as other cryptocurrencies in 2023.
Could Dogecoin rally in the first quarter of 2023?
In the overall picture, the Dogecoin price has risen at a slower rate to its rivals in recent weeks. Instead, the emphasis was on Bitcoin price and other altcoins like Solana. However, Dogecoin could be in a good position for a fast and big rally. Some speculators and short-term investors may return to the crypto market with rising prices. This type of investor can use FOMO to help Dogecoin rally once again. Such FOMOs are particularly strong with rumors that Elon Musk will integrate Dogecoin on Twitter.
https://twitter.com/GailAlfarATX/status/1596982447878832128
Big question: When will Dogecoin price reach $10?
According to experts, it is possible for Dogecoin to rise to the level of $ 1 in the long run. For Dogecoin, this value could appear as early as 2024. The next Bitcoin halving will most likely occur in early summer 2024. The next bull market is also expected to take place during this period. Dogecoin may continue to rise in the next few months as we can expect a stronger rise in Bitcoin in 2023. Because 4 years ago, Bitcoin price could triple its value in the medium term. In this case, Dogecoin could also rise to $1 in the next few days.
On the other hand, Dogecoin remained one of the few PoW Blockchains in the altcoin market. With the official transition of Ethereum to the PoS network, ETH mining is virtually over. Dogecoin (DOGE) is the second largest PoW Blockchain after Bitcoin, as Ethereum no longer has a PoW consensus. As such, it has a lot of potential as a decentralized payment alternative to Bitcoin. Still, Ethereum co-founder Vitalik Buterin hopes Doge will soon move away from PoW using the Ethereum PoS code.
Personally, I hope that doge can switch to PoS soon, perhaps using ethereum code. I also hope they don't cancel the 5b/year annual PoW issuance, instead they put it in some kind of DAO that funds global public goods. Would fit well with dogecoin's non-greedy wholesome ethos.
— vitalik.eth (@VitalikButerin) September 2, 2021
Twitter could play a big role as the DOGE price reaches $10. With prices soaring in early 2023, strong influencers like Elon Musk are more likely to want to push Dogecoin up again. Analysts expect at least one more rally in the first quarter of 2023, with the price of Dogecoin increasing by up to 50% in a few weeks.
As a result, the DOGE price has enough strength to reach $10 in the coming years. In the next bull market, the price can easily rise above $1. This means that a rise to $10 may occur in the next bull market. This bull market will most likely start in 2028. What happens if you invest $100 in such a bull? As Kriptokoin.com, we answered this interesting question in this article.
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