As the market buzzes with expectations for a spot Bitcoin ETF, attention is also shifting towards meme coins, particularly Dogecoin (DOGE). Investors are curious whether DOGE can reach its peak levels seen in 2021, spurred by the overall market sentiment and potential bullish trends.
Dogecoin started 2024 with a decline, erasing significant gains from early December. Investors are now considering price predictions from analysts and increasingly from artificial intelligence (AI) algorithms.
AI analysis suggests that Dogecoin’s price may continue to fall in January. CoinCodex’s advanced AI price prediction algorithms forecast a price of $0.072 for DOGE by January 31, 2024, indicating a potential 10% drop from the current price.
Dogecoin’s price movements have historically paralleled the broader market, with notable spikes often following comments from Tesla CEO Elon Musk, a significant supporter of the meme coin.
Speculation suggests that a notable catalyst could emerge in 2024 if payment services by X (formerly known as Twitter) include Dogecoin. Additionally, a significant transfer of 59.9 million DOGE to Coinbase on January 1 hints at an increasing trend of large DOGE transactions in the ecosystem.