Dogecoin Price Might Tank 14%! The dream of $1 is Slowly Slipping Away

Dogecoin has experienced greater volatility levels than other mainstream cryptocurrencies

Dogecoin price is now down more than 14% after Platformer reported that Twitter had halted the development of a cryptocurrency wallet. This raises the question of whether Dogecoin really fell more than 92% from the all-time high. It's possible. The Dogecoin all-time high was a freak breakout that coincided with Elon Musk's Twitter buyout. The controversial acquisition deal was viewed as a positive development for Dogecoin. Musk has repeatedly hinted at potentially integrating the meme coin into the social platform, but it remains merely a theoretical possibility for now.  Earlier this week, Bernstein said that expecting Twitter to have a crypto future wasn't "unreasonable."  The DOGE price saw a triple-digit rally after Musk acquired Twitter, but the meme coin is now among the worst-performing altcoins over the past 24 hours due to the Platformer report.

Dogecoin to reach $1: Sounds like a Daydream

DOGE price plummets a lot but according to the current trend, Dogecoin reaching $1 before the end of 2023 seems possible to many experts but there are quite a few who are skeptical about the memecoin's growth

Dogecoin has proven to be popular among home traders as it continues to rack in community members. The coin is very popular among social media users, especially on Reddit.

This is despite the fact that Dogecoin has experienced greater volatility levels than other mainstream cryptocurrencies. The volatility mostly stems from its online popularity and frequent mentions from celebrities like Elon Musk.

To understand whether or not Dogecoin might reach $1 in 2023, we would usually have to look at several traditional factors that cut across the board when it comes to evaluating the strength of cryptocurrencies. These include the current price action, use case, blockchain protocols, development team, and the circulating supply.

All these factors apply to Dogecoin and can help us determine whether the coin's price will keep rising this year. However, Dogecoin has other unique factors that have significantly helped in its growth.

These include the active online community and support from celebrities. If these two parties are consistent with their support for the rest of the year, Dogecoin might hit $1 sooner than we expect.

In May 2021 the brokerage firm eToro announced that it would be adding Dogecoin to its listings due to growing demand from users. With over 20 million users around the world, eToro's support for Dogecoin might inadvertently help it reach $1 soon enough.

Additionally, several experts have predicted the Dogecoin coin might go above $1 by the end of this year. For instance, Carol Alexander, a professor of finance at the University of Sussex, expects that Dogecoin will keep rising largely due to the active online community and support from public figures.

InvestorPlace also predicts that Dogecoin might not only reach but also stay at $1. According to the price analysis platform, the huge amount of Dogecoin in supply means more people are likely to invest and help drive its price up. The website also believes that the renewed interest in DOGE will help it reach $1 sooner.

On the other hand, some believe that Dogecoin will more likely fall than rise after the earlier surge. In an interview with CoinTelegraph, Kadan Stadelmann, a CTO at blockchain solutions provider, Komodo said that Dogecoin would unlikely reach $1 any time soon.

Nearly half of Dogecoin investors are still in profit at the Dogecoin price of $0.059. According to IntoTheBlock, 4% of Dogecoin holders are breaking even and 47% are in the green. This means that many Dogecoin holders could still sell off assets and make a gain right now.