Dogecoin

After all the scandals that rocked the cryptocurrency
industry this year, Dogecoin hitting a price of $1 would be redemption.

Dogecoin
reach a price of $0.74 during the crypto bull market in 2021. The $1 Dogecoin
was incredibly close. But a bridge too far. The price of Dogecoin has since
fallen -86% as centralised exchanges and protocols collapsed like dominoes over
the past 12 months. 

 

So
can Dogecoin hit $1 price in 2023?

Here’s
everything you need to know.

Will Twitter save Dogecoin from its current $0.08
price?

All eyes are on Twitter in 2023. With Elon Musk at its
helm, it’s likely the social media giant could accept Dogecoin just as happened
for online purchases of Tesla and SpaceX merchandise.

Elon
Musk was behind the Dogecoin all-time high of $0.74 – it happened as he
appeared on Saturday Night Live.

 

Confirmation
that Musk was taking over Twitter created a Dogecoin price pump of 150% to hit
$0.16. But since then, the Dogecoin price has fallen back down to $0.08. If
there’s one man who can turn things around fast it’s Elon Musk. 

 

Just
how will Twitter make use of Twitter? That remains to be seen. Most likely is
seeing cryptocurrency accepted to pay for Twitter Blue subscriptions. All other
touted solutions like using the Dogecoin blockchain to tackle spam bots have
been scrapped so far.

 

If
an announcement of Twitter accepting Dogecoin happens while markets are
healthy, it could be the catalyst for a $1 Dogecoin.

 

What if Twitter fails to deliver with Dogecoin?

Dogecoin’s
most commonly cited problem is inflation. The current rate of inflation is
about 4%, as 5 billion DOGE enter supply each year to reward Dogecoin miners
for validating transactions on the blockchain.

 

In
practice, it means that a $1 Dogecoin gets $5 billion further away each year. 

 

There
are currently 133 billion Dogecoin in circulation – by the end of next year,
that will be 138 billion Dogecoin. A year after it will be 143 billion
Dogecoin. And so on. For 1 DOGE to equal $1, the market cap needs to equal the
circulating supply.

 

Dogecoin
currently has a market cap of just $10 billion. 

So
if Twitter fails to deliver next year with Dogecoin, investors could become
increasingly desperate for an answer. Many have suggested that Dogecoin needs
to cap its supply, or start burning tokens like EverGrow does.

 

EverGrow
has become a hit altcoin in late 2022, after it burned through nearly 1% of its
supply in November alone. It means that every year EverGrow is set for higher
prices. The EverGrow price already pumped 43% in November after the token burning.

 

It
means that on paper 
EverGrow is
ready to hit $1 in price before Dogecoin – and it’s only worth $0.00000009
today!

 

This
is the risk with Dogecoin. Currently, the bullish case is reliant on one man.
And Elon Musk just published a Twitter poll on 19th December asking users
whether he should step down as the

 

Twitter head or not – so far, the response is 58%
‘yes’.

 

Should I buy Dogecoin today?

Without
any assurance on the future of Dogecoin in Twitter, DOGE lacks a bullish case.
If Elon Musk honours the Twitter poll and steps down it could spell disaster
for Dogecoin.

This
is the risk of buying Dogecoin today.

 

If
things go right, you could be set for price pumps well over 150% – and even all
the way up to $1.

 

If
not, you could be among the thousands of people who are -80% down on their
Dogecoin investment. Without any other lifelong, prices could plunge even further.