As 2023 comes to a close, the cryptocurrency market shows mixed signals with some altcoins experiencing price increases while others, including Dogecoin (DOGE), witness a slowdown compared to previous weeks. The question of whether DOGE can hit the $1 mark in 2024 remains a topic of interest.
Dogecoin hit its all-time high (ATH) on May 8, 2021, at $0.73. Historical trends suggest the possibility of reaching $1 is not out of reach for this leading memecoin. To achieve this, DOGE would need to surge by 685% from its current price to revisit $0.73 or by 975% to hit the $1 milestone.
The 2021 rally that pushed DOGE towards its ATH was marked by a massive 720% gain from early March to the end of April. By May 2021, the price had soared to $0.73, representing a staggering 1,360% increase in less than 10 weeks when compared to the March price.
Elon Musk’s frequent mentions of Dogecoin on the X (Twitter) app significantly influenced the price movements. Musk, who referred to himself as ‘The Dogefather’ during a Saturday Night Live appearance, played a key role in the coin’s popularity. Additionally, the listing of DOGE on the eToro exchange on May 3, 2021, just days before its ATH, and the crypto community’s encouragement on Reddit to buy and hold DOGE contributed to its success.
However, leading market analysis platforms like CoinCodex, using AI algorithms, do not project Dogecoin to reach $1 by the speculated future date of April 2032, nor do they predict surpassing $2.54. As of December 26, DOGE is trading at $0.093, with a modest weekly increase of 0.02% and a monthly gain of 18.67%, despite a 0.61% drop on the day.
In conclusion, while a new ATH for Dogecoin in the near future seems unlikely, external and internal factors such as potential statements from Elon Musk and other positive developments could act as catalysts for a price increase, potentially propelling DOGE on its journey to $1.