When Elon Musk is mentioned, many things come to mind, yet for cryptocurrency enthusiasts, Dogecoin (DOGE) is often the first thought. Musk’s past open support for DOGE is known to have catapulted the meme coin to its peak and established its unshakeable leadership in the segment. On the other hand, another application that has been frequently mentioned lately is Musk’s new artificial intelligence, Grok. Following a query, Grok provided a potential DOGE price prediction.
Grok’s DOGE Prediction
What makes both Grok and Dogecoin (DOGE) noteworthy is being under the wings of Elon Musk. Grok is defined as an advanced artificial intelligence (AI) model developed by xAI, a company within X (formerly known as Twitter).
According to Grok’s prediction, a rise scenario for DOGE could occur by the end of 2024. The AI suggests that it is within the realm of possibility for Dogecoin to close the year with a price range between $0.10 and $0.15.
On the other hand, considering the recent emergence of X payment and the increase in mainstream interest, Grok indicates the most optimistic price level could reach $0.34. Conversely, in the face of regulatory challenges and a general downward market trend, the price could retract to as low as $0.05, according to Grok’s analysis.
Dogecoin Price Analysis
Looking back at the previous year, Dogecoin’s price had surged to a periodic peak of $0.107 by the end of 2023, which interestingly paralleled the most likely scenario presented by Grok. For DOGE to return to Grok’s previously accurate price range, a 25% increase from the current trading price of $0.079 is necessary.
In a different scenario, gains could rise up to 87.5%, and the following period could see the price climb to $0.15. For Dogecoin to reach the highest prediction of $0.34 indicated by the AI, a 4.25x increase would be required.
In a negative outlook, the meme coin could face a potential decline scenario, resulting in a 37.5% loss in value.
For now, most indicators that could potentially push Dogecoin’s price up or down are dominated by uncertainty. For instance, at the time of writing, the Relative Strength Index (RSI) was at 44.40, nearly continuing in the neutral zone of 50.