As we enter 2024, the cryptocurrency market is still very interesting and has the potential to change a lot. One particular digital currency, Dogecoin, which started as a joke, is liked by many investors and fans. Let’s see what might happen to Dogecoin this year by looking at some predictions and the current market information. Let’s take a look at this Dogecoin price prediction article in more detail.
As of now, the price of Dogecoin is $0.083433, and it has had a trading volume of $1.64 billion in the last 24 hours. The market cap of Dogecoin is $11.91 billion, and its market dominance is 0.73%. In the past day, the price of Dogecoin decreased by 4.25%.
The highest price Dogecoin ever reached was on May 8, 2021, at $0.738595, while its lowest price was on May 7, 2015, at $0.00008547. After reaching its all-time high, the lowest price dropped to $0.049701 (cycle low), and the highest price since then was $0.156883 (cycle high). Currently, the sentiment for Dogecoin’s price prediction is neutral, and the Fear & Greed Index shows a value of 55, indicating greed.
The total circulating supply of Dogecoin is 142.75 billion DOGE. The yearly supply inflation rate is 7.60%, resulting in the creation of 10.08 billion DOGE in the last year. In terms of market cap ranking, Dogecoin is positioned at #2 in the Proof-of-Work Coins sector, #1 in the Meme Coins sector, and #7 in the Layer 1 sector.
Why is the DOGE Price fluctuating?
Dogecoin’s price went up, and it seems connected to what Elon Musk’s company X is doing. They’ve introduced something called the “Payments” account, which is a big step in X’s plan to bring new ideas to the financial technology world. This move is all about making digital transactions easier and better, with a focus on creating payment solutions that are easy for users and also very safe.
Although the exact information about how cryptocurrencies will be included in X’s “Payments” account is not known yet, the fact that Dogecoin’s price went up right after this announcement has sparked curiosity and discussion among investors and analysts.
This is especially interesting because Elon Musk has a history of supporting Dogecoin, even more than other well-known cryptocurrencies like Bitcoin. Given Musk’s influence in the cryptocurrency world and his connection to X, many people are speculating that Dogecoin could have a role in this new payment system.
As mentioned above, the price of Dogecoin is $0.083333. Over the past 24 hours, it had a trading volume of $1.63 billion, and its market cap is $11.90 billion, representing 0.73% of the total cryptocurrency market. Yet, in the last 24 hours, the price of Dogecoin has decreased by 4.46%.
Dogecoin Price Prediction: Is DOGE Set to explode?
Despite Dogecoin (DOGE) currently trading above the 200-day simple moving average and maintaining high liquidity, as indicated by its substantial market capitalization, its performance metrics present a mixed picture. Over the past year, the DOGE price has experienced a decline of -2%, showcasing a lackluster trend.
Furthermore, DOGE has been outperformed by 73% of the top 100 cryptocurrencies during this period, indicating a relative underperformance within the broader market.
Notably, both Bitcoin and Ethereum have outshone Dogecoin, contributing to its lower comparative standing. The limited number of positive price movements, with only 13 green days in the last 30 days, highlights a prevailing bearish sentiment.
Additionally, Dogecoin is currently down -89% from its all-time high, suggesting a significant retracement. The yearly inflation rate of 7.60% introduces an element of supply-side pressure that could impact the coin’s value over time.
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