As Dogecoin Community Remains Strong, Is a $1 Target for DOGE Achievable any time soon ?
Dogecoin price may reach a maximum of $0.1 by the end of 2023, what is the possibility ? It depends on lots of factors .
Like Many meme coins, Dogecoin is backed by a vibrant community, boasting 3.8 million followers on Twitter (currently X). It is without doubt one of the most followed crypto projects on X.
Dogecoin’s association with Elon Musk is one of a kind, as the billionaire has stated in the past that the meme coin is his favorite cryptocurrency.
In 2021, Musk, who owns X, self-proclaimed himself the “Dogefather.” The tweets of the CEO of the largest electric vehicle manufacturer in the world, Tesla, have pumped Dogecoin prices on several occasions, especially in 2021.
Musk’s bid for Twitter, which he ended up paying $44 billion to acquire, saw Dogecoin explode from around $0.058 to $0.1592 in October 2022.
Despite Musk’s support, Dogecoin gets caught up in the ups and downs of the crypto market such that it is down 3.3% in one year to trade at $0.058 at the time of writing – October 14, 2023.
From a technical standpoint, Dogecoin is approaching its bottoming point amid high chances of a substantial rebound in the next few months. The daily chart shows the formation of a potential double-bottom pattern breakout.
As for whether Dogecoin can hit $1 will depend on how aggressive the next bull run will be. Adoption by X as the token to support crypto payments on the platform could be the catalyst that gets DOGE closer to its $1 target.
