As 2023 is drawing towards its end, some assets in the cryptocurrency market are still increasing their prices while others are slowing down their gains from previous weeks, including Dogecoin (DOGE), leaving investors to wonder whether it would manage to rally to the coveted level at $1 in 2024.
Indeed, Dogecoin started to improve its price in late November, steadily climbing from $0.073 to the psychologically important zone at $0.10 zone, at which it peaked several times in early December, only to slow down and consolidate at $0.093, where it is changing hands at press time on December 26.
Can DOGE surpass its ATH?
That said, DOGE reached its all-time high (ATH) at $0.73 back on May 8, 2021, which means that the famous dog-themed meme cryptocurrency could get rather close to the $1 price mark again. However, reaching $0.73 again would require an increase of 685%, or 975%, for the $1 level, albeit this is not impossible.
As it happens, the rally towards its ATH saw Dogecoin race from $0.5 in early March 2021 to $0.41 in late April, which means it had gained 720% to its value in only one month, further growing to $0.73 in early May 2021, which represents a whopping 1,360% gain in less than 10 weeks from the March price.
That said, at the time, this crypto asset raced thanks to factors like the billionaire Tesla (NASDAQ: TSLA) CEO Elon Musk, who often took to Twitter (now X) to post about one of his favorite crypto assets, as well as his appearance on Saturday Night Live where he referred to himself as ‘The Dogefather.’
On top of that, the eToro exchange had just added DOGE to the cryptos traded on its platform on May 3, 2021, only a few days before the meme coin surged to its ATH, while the crypto community at the social network Reddit’s r/SatoshiStreetBets and r/Dogecoin subreddits had urged buying into and holding onto DOGE.
Specifically, the users referenced the earlier r/WallStreetBets’ efforts to squeeze out Wall Street shops from heavily shorted stocks such as GameStop (NYSE: GME), BlackBerry (NYSE: BB), Bed Bath & Beyond (NASDAQ: BBBY), Blockbuster (NYSE: BBI, from 1999 to 2010), and AMC Entertainment (NYSE: AMC).
Dogecoin price analysis and prediction
On the other hand, the artificial intelligence (AI) algorithms deployed by the crypto analytics platform CoinCodex are not seeing $1 in Dogecoin’s near future, at least not until April 2032, or eight years and three months from the time of publication. Moreover, the algorithms do not expect it to surpass $2.54.
Meanwhile, DOGE was at press time changing hands at the price of $0.093, down 0.61% on the day but still holding onto the very modest 0.02% increase across the week and an 18.67% advance on its monthly chart, according to the most recent information retrieved on December 26.
In conclusion, Dogecoin might not reach the new ATH any time soon, but external (and internal) factors like Elon Musk’s tweets and other positive developments could impact its price increases and possibly even lead it to hit the $1 price mark sometime in the future.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
