Will Dogecoin Hit $5 In 2023?

Last Updated December 29th 2022

3 Min Read

While the crypto market is known to pull crazy moves, Dogecoin hitting $5 in 2023 could be a bit of a stretch.

That would be a couple of thousand percentages from its current price. Considering that Dogecoin was up by 12000% in the first half of 2021, such a move is highly unlikely in just a year.

Unlike in early 2020, Dogecoin is no longer cheap, which means a thousand plus percentage gains may not be possible at the moment.

However, one thing that is possible within 2023 is Dogecoin hitting $1. There are a couple of factors that could push Dogecoin to a dollar this year. The biggest one being the upcoming Doge-1 mission that aims to put a physical Dogecoin on the moon.

The mission is big because, besides the fact that it is fully funded in Dogecoin, Elon Musk has been talking about it for a while. Given that Elon Musk is the reason why Dogecoin rallied by over 12000% in the first half of 2021, him hyping it up and putting it on the moon could lead to significant gains in the short term. A dollar per Dogecoin is definitely within reach in the course of 2023.

Besides this mission, Dogecoin is getting a lot of hype from influential personalities as well. In August 2021, Mark Cuban, one of the more vocal billionaires when it comes to crypto, was very positive about Dogecoin.

He tweeted that Dogecoin was the strongest crypto that could be used as a medium of exchange. This simply means that Dogecoin is that one crypto that can take on fiat currency and win in the long run.

All these factors are giving Dogecoin a spotlight that not many cryptocurrencies enjoy at the moment. This means as cryptocurrencies slowly edge closer to their all-time highs, Dogecoin will draw in lots of new money again.

Check out: Pros and Cons of Investing in Dogecoin

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This is a good sign because the market is now close to another hype cycle. After the dip of December 2021, the crypto market has pushed close the $2 trillion market capitalization again and is gaining. Bitcoin, the main market mover, is holding steadily above the $40k support, and buying momentum is on the rise.

If the market retests all-time highs within the next few weeks, then Dogecoin could trade at around $0.70 to $1 between now and the end of the year. If it does not test $1 in the next few months, the Doge-1 mission hype will definitely take it there.

As for DOGE to reach $5, that could happen in the next couple of years. The adoption of Dogecoin en masse for everyday payments is the catalyst that could push it there. That’s because despite it being inflationary, its inflation is capped at 5 billion Dogecoins a year.

This is not huge inflation when considering the fact that Dogecoin, unlike a country’s fiat, can be used by anyone globally, without any structural limitations. It is more like a global currency.