Can Dogecoin Reach $1 in 2023?
During 2022, the popular meme coin Dogecoin (CRYPTO: DOGE) all but disappeared from the radar of serious investors, who sought out less-risky assets during a market downturn. Dogecoin is now down 90% from its all-time high of $0.74, trading at just $0.07.
While Dogecoin experienced a few brief spikes during 2022 -- primarily on news related to Elon Musk and Twitter -- it's clear this crypto is facing a moment of truth in 2023. It has now been almost a decade since its launch, and the digital currency has never cracked the $1 price point. If it is going to do it in 2023, at least three things need to happen.
First and foremost, the crypto market must rebound in 2023. The perfect setup for a meme coin rally includes a lot of frothy, speculative sentiment that pulls in new retail investors hoping to get rich quick. And that implies a bullish market rally that pushes up all coins at once, garners a lot of media attention, and encourages retail investors to get back into the market.
Source Fool.com
