Dogecoin Price Analysis: How Possible is US$1 In 2023?

How high are the chances for Dogecoin reaching US$1 in 2023

While it launched as a joke, many consider Dogecoin a serious investment. Surprisingly, Dogecoin reached a high of 70 cents in 2021, which led many to believe that it's only a matter of time before it hits the coveted $1 mark.

The Dogecoin price predictions for December 2025 range from $0 to $10 with the average being $1.21. The highest prediction came from Brighton Business School's senior lecturer, Paul Levy, who valued DOGE at $10. By comparison, "The median prediction for Doge by December 2025 is US$0.15," the company noted, adding that "30% of the panel sees Doge's worth at US$1 or more in 2025."

Some experts are pessimistic about the future price of Dogecoin. Joseph Raczynski, technologist and futurist for Thomson Reuters said: "Dogecoin will eventually go to $0. There are at least 100 to 200 other crypto projects that should be worth more than DOGE." He opined: "It's amazing to witness what [one] celebrity can do."

Dogecoin has gained much popularity over the past months, largely due to celebrity endorsements, such as Tesla CEO Elon Musk, who is also known as the "Dogefather." Musk recently revealed that he personally owns dogecoin. Many new investors jumped into dogecoin as the price ballooned more than 10x during April and May from about $0.06 to over $0.72. The price at the time of writing is nearly $0.20.

The Dogecoin price pumped over 8% after Elon Musk announced he was resuming his bid to buy Twitter. But as Dogecoin prices sharply corrected from $0.066 down to $0.061, not everyone believes that DOGE will return to the all-time high of $0.73 again. This week The Motley Fool published an article saying that Dogecoin 'isn't the one to buy for anyone betting on recovering crypto. The leading investment advisor said: "Dogecoin relies on hype because of its weak fundamentals, and eventually, hype stops working." It put the blame on low real-world utility and built-in inflation.