Dogecoin is the largest meme coin by market value, but its smaller competitors have outperformed it in annual performance. Over the past 1.5 years, we have seen the third-largest meme coins change names frequently, but their parabolic rallies remain the same. Altcoins like PEPE, FLOKI, and BONK have moved into third place, bringing early investors gains of tens or even hundreds of times.
Current Predictions for Dogecoin (DOGE)
Elon Musk’s distancing from cryptocurrencies has not been good for DOGE. We followed his last Space broadcast for over 2 hours, and what we saw was a complete disappointment. Cathie Wood from ARK Invest asked almost two paragraphs worth of questions about Bitcoin and cryptocurrencies. However, all she got from the mischievous billionaire was “I don’t care about them as much as I used to, I don’t think about them.”
The Dogecoin philosophy, once avidly supported and jokingly referred to as the only real cryptocurrency by Musk, seems to have been replaced by a stance akin to crypto skeptics like Lummis or Warren. Now, let’s return to the price discussion.
DOGE is currently lingering in a range that was a selling zone in November 2022, and January and April 2023. The price could target above the ceiling line of $0.106 with closures over $0.088. However, this would require some action from Elon Musk. Or we should expect liquidity to shift back to older altcoins like ETH, XRP, and DOGE instead of other altcoins.
The Future of Dogecoin
For now, Dogecoin is not seeing much demand. Because DOGE is not in demand, its price is not rising as desired. Yet, it is not silent to a BTC rally because, as we shared in the graph above, it has managed to stay out of the previous selling area. Maybe we’ll see something like Elon Musk dressing up his dog and posting pictures for Christmas, and this could be what drives the price over $0.106 in the short term.
DOGE-1 has been approved, and a physical Dogecoin will go to space in January. Moreover, SpaceX will be the one to do it. Perhaps Elon Musk has been preparing for a good global campaign or advertisement? A DOGE inside a rocket going to space on transportation and other issues? Interesting but not impossible.
In the medium term, it seems that all roads lead to Elon Musk.
