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When it comes to meme coins, top meme coin Dogecoin is the first coin to make a splash. When Dogecoin first appeared, it was mainly launched as an emoticon, but later it gradually developed into a payment solution and more emoticon coins were launched. Launched in December 2013, Dogecoin has gained huge popularity and has been loved by celebrities, billionaire investors, and social media experts. Not only that, Dogecoin has now been adopted by well-known brands and companies. Widely adopted and accepted, it has experienced a surge in popularity recently. So why did Dogecoin soar? Let the editor of the currency circle analyze the reasons for the surge of Dogecoin.

## Why is Dogecoin soaring?

As a virtual currency promoted by social media, Dogecoin has attracted the attention of the media and investors, leading to many people buying it one after another. However, the main reason for its rise is that Musk endorsed it and ordered Dogecoin many times. Although Dogecoin is a relatively new virtual currency, its performance in the market suggests that its popularity has begun to rise, and some investors may believe that this trend will continue.

Dogecoin has one of the strongest and most dedicated communities. As such, it has been promoted by public figures who have either purchased the cryptocurrency themselves or endorsed it through social media channels such as Twitter. These waves of publicity have been a driving force behind Dogecoin’s growth, as its price is prone to volatility whenever it’s in the spotlight on social and news media.

## Can Dogecoin rise in 2023?

Dogecoin can rise in 2023. From now on, the Federal Reserve will most likely stop raising interest rates in the first half of the year and cut interest rates before the end of the year. If the U.S. dollar is released from the hands of the Federal Reserve and spreads around the world with the United States as its source, the cryptocurrency market, as one of the targets of venture capital, will increase prices as a large number of new currencies enter the market, and Dogecoin will also rise along with it.

5 billion Dogecoins are issued every year, and there is no upper limit on the supply, which effectively prevents hoarding. Some experts analyze that this will help Dogecoin become a mainstream trading currency in the long run. One of the attractions of Dogecoin is its low entry fee. One Bitcoin is worth about US$60,000, while one Dogecoin is worth less than 1USD, and the transaction fees are relatively low, which is attractive to investors with limited funds.

The overall market value of Dogecoin is close to 90 billion US, making it the fourth largest cryptocurrency in the world. In addition, the price of Dogecoin has risen sharply this year, causing many institutional investors to start paying attention to Dogecoin, which means that more and more people are confident in its prospects.

The above content is the currency circle editor’s detailed analysis of why Dogecoin has soared. Some people in the field believe in technology and actively try to make progress, but most just want to get rich. Price movements are more tied to community sentiment (what people think others will buy) than real-world applications. The reason people buy is simply because they want more people to pay attention, so a joke coin that doesn't even pretend to be useful can be worth hundreds of millions of dollars. As with all markets, crypto traders follow trends. Dogecoin exploded, and the rush to find the “next Dogecoin” led to memecoin bubbles that became incredibly valuable.