The total value of the cryptocurrency market opened at $760 billion in 2021 and soared to an all-time high of $2.9 trillion later that year. This year, it has given back nearly all of those gains and sits at about $850 billion as of this writing.

A combination of factors is to blame. Interest rates are rapidly rising, which is damping investors' appetite for risk, and confidence has been eroded by a series of high-profile failures in the industry. That means some of the most speculative cryptocurrencies are suffering the largest losses right now.

Dogecoin (CRYPTO: DOGE) was hot during last year's frenzy, but it has since declined by 86% from its all-time high of $0.74. But the token has found some life this month thanks to one of its biggest supporters. So could 2023 be the year it soars to $1?

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Source Fool.com