The notorious child of cryptocurrencies, meme coins, continues to hold its undisputed place at the top. Yes, we’re talking about Dogecoin. Despite not showing a strong performance over the past year, DOGE has not lost its place among meme coins and continues to stay within the top 15. So, what could be in store for DOGE, heavily supported by Elon Musk, who often boosts its price with his comments, in 2024?
Analyst’s Comments on DOGE
In the world of cryptocurrencies, including Dogecoin (DOGE), a slowdown in activity has been observed in many altcoins. Nevertheless, the leading meme coin’s strong stance above $0.08 continues, and some analysts believe a strong recovery could be possible in the coming months.
According to comments in a post shared by Ali Martinez on February 26, who has gained attention for his crypto analysis lately, Dogecoin’s current price movement shows parallels with situations observed during previous bull markets, including those in 2017 and 2021.
Indeed, considering the Dogecoin chart shared by Martinez, it can be seen that the price previously rose to $1.7 and then to $3.5.
DOGE Price Analysis
As of the time of writing, the DOGE price continues to trade just below the $0.085 level. This price indicates a slight decrease of 1.64% on the daily chart, while on a weekly basis, it translates to a decrease of 1.34%.
Nevertheless, data obtained on February 26 shows that the last 30 days have seen a rise of 7.02%, which seems to have pleased investors. On the other hand, there was a contrast observed between DOGE’s trading volume and market capitalization.
Looking at DOGE’s 24-hour trading volume, there has been a 7% increase. Following this rise, the volume surpassed the $314 million mark. This increase in trading volume could be interpreted as a rise in investor interest in DOGE. Despite this, the meme coin’s market capitalization experienced a drop of over 1%. After the drop, its value was just above $12 billion.
Another positive piece of news for DOGE is the number of transactions in its ecosystem. In the first three weeks of February 2024, more than 1 million transactions occurred daily, indicating an increase in transaction volume.
Taking all these factors into account, Dogecoin indeed has the potential to show the expected rise and could experience a parabolic breakout in the upcoming period.
