Will Dogecoin Reach $1 in 2024?
As we approach the end of 2023, some cryptocurrencies are still experiencing price increases while others are seeing a slowdown in their gains. Dogecoin (DOGE) is one of the assets that has slowed down its momentum from previous weeks, leaving investors to question whether it can rally to the coveted $1 level in 2024.
In late November, Dogecoin started to improve its price, steadily climbing from $0.073 to the psychologically important zone at $0.10. It peaked several times in early December but has since consolidated at around $0.093.
Can DOGE Surpass Its All-Time High?
Dogecoin reached its all-time high (ATH) at $0.73 on May 8, 2021, which means it could potentially get close to the $1 price mark again. However, reaching $0.73 would require a 685% increase, and reaching $1 would require a 975% increase. While not impossible, it would be a significant challenge.
Dogecoin’s rally towards its ATH saw it gain 720% in just one month, racing from $0.5 in early March 2021 to $0.41 in late April. It then further grew to $0.73 in early May 2021, representing a staggering 1,360% gain in less than 10 weeks.
During this time, factors such as Elon Musk’s tweets and his appearance on Saturday Night Live contributed to Dogecoin’s surge. The cryptocurrency was also added to eToro’s platform shortly before reaching its ATH, and Reddit communities like r/SatoshiStreetBets and r/Dogecoin encouraged buying and holding DOGE.
Despite these past achievements, the artificial intelligence algorithms used by CoinCodex do not predict Dogecoin reaching $1 anytime soon. In fact, they project that it may take until April 2032 for Dogecoin to reach $1 and do not expect it to surpass $2.54.
Dogecoin Price Analysis and Prediction
Currently, Dogecoin is trading at $0.093, experiencing a slight decrease of 0.61% on the day. However, it has still seen a modest 0.02% increase over the week and an 18.67% advance on its monthly chart as of December 26.
Hot Take: The Future of Dogecoin
While it may be challenging for Dogecoin to reach its all-time high and hit the $1 price mark in the near future, external factors like Elon Musk’s tweets and positive developments could impact its price increases. It remains to be seen whether Dogecoin can continue its journey towards new milestones in the cryptocurrency market.
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