As the end of 2023 approaches, while some altcoins in the cryptocurrency market continue to rise, a slowdown has been observed in many altcoins, including the price of Dogecoin (DOGE). Whether Dogecoin will rise to the $1 level in 2024 continues to be a subject of curiosity.
DOGE’s Future
The price of DOGE reached its all-time high (ATH) on May 8, 2021, at $0.73. Considering past events, it seems always possible for the memecoin, which was at the peak of its popularity, to reach the $1 level again.
Considering this, to reach $0.73 again, it would require a 685% increase from its current trading price, or a 975% increase to reach $1, which may not seem impossible.
Indeed, the price movement towards its ATH in 2021 was supported by a rally that saw Dogecoin gain 720% in value from the beginning of March to the end of April 2021.
More importantly, by May 2021, the emergence of the $0.73 price showed a massive gain of 1,360% in less than 10 weeks compared to the price in March.
One of the reasons behind all these price movements was none other than Elon Musk, who frequently made statements about Dogecoin on the X (Twitter) application. Elon Musk even referred to himself as ‘The Dogefather’ on Saturday Night Live.
During this process, the eToro exchange listed DOGE on May 3, 2021, just a few days before the memecoin’s ATH, marking a significant success. The crypto community commenting on Reddit’s r/SatoshiStreetBets and r/Dogecoin subreddits called on investors to buy and HODL DOGE.
Dogecoin Price Analysis
On the other hand, AI algorithms used by leading analysis platforms like CoinCodex do not predict that Dogecoin will reach $1 by the near future date of April 2032. More importantly, the same algorithms do not forecast that it will exceed $2.54 either.
As of the writing time on December 26, it is trading at a price of $0.093, down 0.61% for the day, but has recorded a very modest increase of 0.02% for the week and an improvement of 18.67% on the monthly chart.
In conclusion, it does not seem likely that Dogecoin will reach a new ATH anytime soon. However, external and internal factors such as potential posts by Elon Musk and other positive developments could act as a catalyst for the price to rise and be a driving force on the journey to $1.
