Can Dogecoin reach $1 in 2023?

The price of Dogecoin reached $0.74 during the bull market nearly two years ago. 

The symbolic $1 per DOGE price was tantalisingly close. But it wasn't to be. The price of Dogecoin has now fallen down to $0.092 as the cryptocurrency market remains in a bearish cycle.

Can Dogecoin reach $1 in 2023? 

Let's take a look at a few bullish cases for Dogecoin.

Elon Musk makes Dogecoin famous once again

It's hard to imagine the rise of Dogecoin without Elon Musk. Anytime the Tesla and SpaceX founder mentions DOGE, markets react.

The all-time high of $0.74 was reached as Musk appeared on Saturday Night Live. 

In the same way, the price of Dogecoin pumped over 100% in October as Musk walked into the Twitter HQ to become its new owner. You can buy Tesla merchandise with Dogecoin. Musk accepts Dogecoin for his new fragrance Burnt Hair.

Will you soon be able to use Dogecoin on Twitter?

It's not for certain. Binance were one of Twitter's largest investors, putting $500 million to secure the deal. If any blockchain network or tokens are to be used on Twitter, it's likely that Binance will have a say in it. 

Could the Dogecoin supply be limited or capped?

Dogecoin co-founder Billy Markus once said this was the question most people ask him.

The Dogecoin supply is inflationary. Around 5 billion Dogecoin enter supply each year. What this means is that Dogecoin will need $10 billion or $15 billion more market cap to hit $1 during the next bullish cycle. 

It's a lot of investment given the entire Dogecoin market cap is currently $12 billion. 

Compare Dogecoin with a hyper-deflationary token like EverGrow. The token burns about 1% of its circulating supply each month (with a burn tax and revenue from its DeFi ecosystem) and already created a 43% price pump while the rest of the market flatlined in November.

You can read about EverGrow's tokenomics here: https://evergrowegc.com/

Could a similar thing happen for Dogecoin?

Billy Markus always said 'no'. It would require changing the Dogecoin core code, which goes against its decentralised nature. Also, backers like Elon Musk appreciate Dogecoin inflation because it helps the token to keep a stable price – which is useful for turning it into an alternative Internet currency. 

So, again, Dogecoin reaching $1 in 2023 could happen. But it will largely be down to how much backing it gets from Elon Musk, and how useful it becomes.