It’s been a pretty strong start to 2023 for the crypto market. There have been a lot of excellent gains, but there’s also a lot more promise in the three quarters that remain.
Price predictions are flying about and one token that is getting all of the attention is Dogecoin. The token has skyrocketed by about 25% in the past few days to its current price of $0.09863.
Will this price rise continue? Are there any other tokens that one should keep an eye on? There are a lot of questions worth looking at regarding the price prediction of Dogecoin, the market’s favorite meme coin.
Here, we take a look at a 2023 price prediction for Doge, as well as some other crypto tokens that look like they may also perform just as well as this meme coin.
What is So Special About Dogecoin?
Dogecoin is a meme coin and is the original meme coin. The project has existed for a long time and has managed to attract a large cult following. It’s gotten so popular that it has even become a household name like bitcoin, despite the fact that it doesn’t offer utility.
This is what makes Dogecoin so special – it is a coin that is largely based on hype and it has managed to survive despite not having utility. It is more of a symbol of an idea or movement – much like a meme.
Dogecoin has spawned many other meme coins, though none have managed to capture the lightning in the bottle that DOGE itself is. Still, Dogecoin has shaped the market and has even done this recently, as we shall see.
Why is Dogecoin in the News?
Dogecoin is frequently in the news for several reasons and usually has to do with the trends of meme coins or some news relating to high-profile names. Of course, the most high-profile of these names is Elon Musk, who is strongly associated with this meme coin.
Musk has shown his support for Dogecoin on numerous occasions and he has single-handedly been responsible for sharp spikes in the tokens’ price. Unintentional or not, this has led to many people accumulating the token in the hope that some Muks-related news would boost the token’s value greatly.
As it so happens, this occurred recently when Musk changed the Twitter blue bird logo to the famous doge from Dogecoin. This sent the meme coin’s price skyrocketing, with the token rising by about 25% over the last 24 hours.
However, there are several reasons why dogecoin’s price might go up. We look at the driving factors of this next.
What Drives the Price of Dogecoin?
There are several reasons why Dogecoin goes up in value. We explain a few below.
1. Crypto Environment
Crypto assets tend to move with the general market direction. That direction is led by bitcoin, which is almost always the biggest gainer in a bull market. Altcoins follow bitcoin and Dogecoin is no exception.
Sure, there may be the occasional period, like these past few days, where Dogecoin outperforms bitcoin. In general, however, Dogecoin follows after bitcoin. This is also a notable factor that determines the price of the meme coin.
2. Exposure Through Well-known Individuals
The mention of a cryptocurrency by a well-known public figure enhances its legitimacy, which has been evident in the case of several established cryptos in the past. This also played a significant role in the surge of Dogecoin’s value earlier in 2021. Other celebrities have also spoken of Dogecoin, including Mark Cuban and Snoop Dogg.
3. Strong Support from the Crypto Crowd
Dogecoin is popular with crypto enthusiasts – it’s as simple as that. The token has been around for a long time and it’s one of the most popular as far as social media channels are concerned.
It has even attracted the attention of those who only know very little about crypto. You’ll be surprised at how many laypeople are aware of Dogecoin, but not tokens like Ripple or Cardano. The instant appeal of a meme coin is what generates so much support from the crypto community.
Dogecoin Price Prediction for 2023
Now we come to the meat and potatoes of this discussion: what is the price prediction for DOGE in 2023? To start with, there are several matters to take note of.
Initially, Dogecoin witnessed a substantial increase in value following the disclosure by the Financial Times that Elon Musk is contemplating incorporating a payment mechanism into Twitter. This revelation led to conjecture that the widely recognized meme coin could potentially be integrated into the social networking site. According to the Financial Times, Twitter has purportedly initiated the acquisition of regulatory permits and the development of requisite software to enable transactions on its platform, as a strategy to expand its revenue sources.
To accurately forecast the future value of Dogecoin over an extended period, it’s crucial to comprehend that it relies on blockchain technology, although it differs somewhat from other prominent cryptocurrencies. Dogecoin’s blockchain resembles that of Litecoin, utilizing Scrypt technology. Consequently, the mining process is more intricate than conventional Proof-of-Work chains, although Dogecoin can still handle over 40 transactions per second.
The network’s average transaction fee is a mere $0.15, which is significantly lower than the exorbitant fees incurred on Ethereum during periods of high traffic. Although Dogecoin’s network scalability may not be the most robust, these statistics indicate that it has a firm foundation capable of accommodating more significant volumes of transactions in the future.
Given this feature, Dogecoin has gained popularity as a means of online tipping. Last year, an announcement on the official Dogecoin subreddit revealed the creation of a tipping bot, enabling Twitter users to tip others on the platform. This initiative generated substantial traction, primarily due to the low transfer fees associated with sending DOGE to another user.
Moreover, DOGE may also be utilized for Twitter’s new verification process, which necessitates users paying $8 per month to either retain or obtain a blue tick.
In the years to come, the most suitable direction for Dogecoin would seemingly be to pursue the path of appealing to younger generations in the crypto market, as it is improbable for major corporations to embrace DOGE given its meme coin status. With the coin’s user-friendly aesthetic, it could potentially garner more widespread adoption, particularly in the area of tipping services.
Assuming this scenario unfolds, there could be increased demand for DOGE from internet users and retail investors. Based on this projection, our Dogecoin price forecast for 2023 approximates that the coin could attain a value of $0.6.
That may be a possible Dogecoin price outcome for 2023, but investors should also take note of other crypto assets that have strong potential in 2023. Among these is Ecoterra, a climate change-focused project.
A New Dawn for Crypto Assets
Although the crypto market offers several innovative financial use cases, there are relatively fewer projects that focus on altruistic applications. Nonetheless, there is a growing trend towards such initiatives, and many crypto investors are demonstrating interest in projects that aim to benefit the world.
Ecoterra is a novel player in this realm, providing a blockchain-based ecosystem that incentivizes individuals and organizations to combat climate change. The platform encompasses a range of applications and marketplaces, creating a robust and cohesive system to aid stakeholders in their efforts against climate change.
What is Ecoterra?
At its core, Ecoterra is a blockchain-based platform that allows both individuals and companies to contribute to the battle against climate change. To understand how this is possible, we need to first discuss the project’s overarching mission and objectives.
The team behind Ecoterra aims to promote the significance of recycling among the general public through green educational initiatives and to incentivize individuals to engage actively in recycling. For instance, users of the Ecoterra app will be rewarded each time they recycle through the Recycle2Earn system, earning Ecoterra tokens. The rewards program encourages users to recycle more by providing additional benefits and incentives. The tokens have the potential to appreciate in value and can also be staked to generate passive income from Ecoterra’s revenue streams.
There are also benefits for companies, both those producing recyclable materials and those operating in the recycling industry. When informed consumers correctly dispose of recyclable packaging, recycling companies collect and transport it to recycling centers where it is transformed into raw materials through recycling processes.
Ecoterra aims to facilitate interactions between recycling and product companies to promote a circular product life cycle. To achieve this goal, the platform will offer a shared marketplace where recycling companies can sell raw materials, and product companies can purchase them to produce new goods.
Users and companies can use the Recycle2Earn app to record and add their climate actions to their profiles, while companies have their own profiles called impact trackable profiles. These companies can purchase impact packages, which include different material types from users to offset the negative effects of production. Through this, all stakeholders can show their dedication to sustainability.
Ecoterra also includes a carbon offset marketplace where stakeholders can use Ecoterra tokens to offset their carbon emissions by supporting verified and vetted projects around the world. The amount of carbon offset can be converted into accomplishments, which can then be transformed into NFTs. Another marketplace available is the recycled materials marketplace, which enables companies to connect with recyclers, discover recycled materials, and perform other relevant actions.
The platform supports various payment methods, including fiat money, stable coins (USDT), Bitcoin, and Ecoterra tokens. Companies can benefit from lower transaction fees and staking opportunities by paying with Ecoterra.
Ecoterra Presale Has Launched
https://twitter.com/ecoterra3r/status/1643191768890966018
Ecoterra’s presale is currently underway and worth considering. The presale’s initial phase offers 1 Ecoterra token for $0.01, with payment options including ETH, USDT, or card. The token is ERC-20 compliant, with a total supply of 2 billion tokens.
It’s important to note that the project is still in its early stages, with many developments yet to come. After the first presale stage, the team will focus on marketing and advertising, registering for Recycle2Earn, developing its carbon offset marketplace, and other initiatives. During the growth phase, the team plans to establish partnerships, develop the recycled materials marketplace, and more.
Once the presale stages are complete, or the fundraising goal is met, the team will concentrate on further development and getting listed on exchanges. The platform’s smart contracts have undergone security and KYC evaluations by CertiK, and are confirmed to be completely secure and verified.
Ecoterra is paving the way for the industry by showcasing how decentralized technology can be leveraged to create a positive impact on the world and serve as a model for other teams. The various features offered by the platform are interlinked, and Ecoterra will probably spark a fresh wave of crypto initiatives.
With sustainability and responsible growth becoming a top priority in the coming decade, there’s a lot to be excited about. Projects and platforms like Ecoterra are expected to play a major role in shaping this trend, and crypto enthusiasts who wish to be part of this new philosophy in business growth and development should consider the project and its presale.
2023 Looking Like a Good Year for Dogecoin and Ecoterra
As you can see, Dogecoin may have a strong 2023, especially if it somehow manages to make itself more integrated into Twitter. Elon Musk is a big part of the drive towards higher price growth, but there are other factors that may also support this meme coin reaching new heights.
At the same time, there are projects like Ecoterra whose tokens also look like they may do well in 2023. This project is worth checking out and could offer just as much lucrative opportunity as Dogecoin.