Could DOGE tokens pump 500% in 2024 to $1?
Dogecoin more than doubled in price at the end of February. After trading around the $0.08 level since the start of January, DOGE exploded to $0.18 by Mar. 4.
The proof-of-work meme coin, an indirect 2015 blockchain fork off of the original Satoshi Bitcoin chain, retraced from $0.18 a token on Mar. 4 to $0.13 by Mar. 19. After that, the price recovered back to $0.18 by Mar. 24.
So, which way will the 9th largest cryptocurrency by market cap go next?
Crypto analyst DonAlt, with over 530K followers on X, said in a recent YouTube update that “it isn’t too unlikely for Dogecoin to go to $1,” based on the way it is trading against Bitcoin.
DonAlt is the host of the cryptocurrency investing YouTube channel TechnicalRoundup. On a recent episode of the show uploaded Thursday, the popular technical analyst for altcoin markets said:
“The reason why I found DOGE interesting is because it kind of dipped back into support on the BTC chart.”
The exciting Dogecoin price prediction has more to it than merely howling at the moon. The technical analyst perfectly called the 2022 bottom a little over a year ago.
Once “the poster child of extreme market exuberance” during the 2021 Bitcoin halving rally, Dogecoin remains a highly sought-after digital asset, mostly because of its social clout.
That proof-of-work aspect could help the crypto avoid being labeled a security and keep it more decentralized than proof-of-stake DeFi cryptos. As the original meme coin, Doge also does very well when meme coins do, especially when the many dog-based competitors rally.