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Despite the long-standing bear market, Dogecoin (DOGE), with its impressive total market value of $8.75 billion and a circulating supply of 141.22 billion DOGE, continues to maintain its position among the top 10 cryptocurrencies by market capitalization. However, the Dogecoin price prediction for the end of 2023 suggests that there may still be a challenging battle ahead.
Dogecoin Analysis
Over the past three years, despite a reduction of approximately 13.7% in its supply, Dogecoin, the memecoin and favorite cryptocurrency that never lacks the support of the world’s richest man, Elon Musk, continues to create interesting opportunities for crypto traders and investors worldwide.
As we approach the final quarter of the year, CoinCodex’s AI-powered price prediction algorithms were consulted to calculate the price range for Dogecoin between December 31, 2023, and January 31, 2024. Given the 2.5% gain experienced from last New Year’s to date, the future prediction gains a different significance.
In light of all this, artificial intelligence predicts that the price of Dogecoin will trade at $0.058715 per DOGE coin on December 31, 2023, and experience a slight decrease from current prices.
However, AI indicates the possibility of a reversal in the coming year and suggests that DOGE’s price could reach $0.150189 by January 31, 2024. This indicates an approximate 150% price increase compared to the end of 2023 prediction.
Dogecoin Price Analysis
At the time of writing, DOGE continues to trade at $0.0631 with a 0.16% increase. Additionally, the 24-hour trading volume is close to $196 million, and Dogecoin’s market value constitutes approximately 1.15% of the total market value. This volume indicates historically low liquidity for the cryptocurrency.
In particular, Dogecoin price managed to avoid losses by trading at $0.06089 per DOGE on September 26, marking the end of a highly volatile week. This fluctuation offered interesting opportunities for daily investors in the midst of reported low liquidity in the market.
All things considered, the AI’s prediction cannot be evaluated solely on its own. The realization of the above price prediction for Dogecoin may depend on yet-to-happen developments, news, Bitcoin, and, most importantly, significant economic events.
