TL;DR
- After a severe correction, Dogecoin has experienced a double-digit surge, reaching a multi-week peak.
- Analysts predict a potential target of $1 during this bull cycle, but the asset would need to more than double its current valuation to reach this target.
Background
Shortly after Donald Trump won the US elections at the start of November, DOGE’s price went on a wild run due to Elon Musk’s upcoming role under the new administration and his rich history and support for the largest meme coin.
The asset skyrocketed by triple digits within weeks and peaked at almost $0.5. However, it started to lose traction in December and plunged hard during the mid-month correction. In a matter of days, Dogecoin dumped from over $0.41 to $0.26.
It reacted well after this substantial decline and pushed to $0.35 almost immediately. However, it failed to rally further and remained in a tight range of $0.31 and $0.34 for weeks.
The landscape changed, though, for the entire market in the past few days. The situation around DOGE became particularly promising due to the larger number of coins accumulated by whales during this correction and consolidation phase.
Recent Surge
As such, it didn’t take long for the OG meme coin to surge in value. On a 24-hour scale alone, DOGE has shot up by 16% and now trades well above $0.39 after breaking above the $0.34 resistance. It’s up by 25% on a weekly scale and sits close to $0.4.
Analysts have used this opportunity to double down on their $1 prediction for the asset, which is yet to be reached. Nevertheless, DOGE would need to more than double its current valuation to tap such a high price target.
Future Outlook
It would be interesting to track Dogecoin’s performance in the following weeks, especially after Trump’s inauguration on January 20 and Musk’s D.O.G.E. department.
Expert Opinion
This is $doge against btc
Target $1
In the period 2015-2017 I doubled my bitcoin bags by buying doge low – waiting and selling it at least double the price.
Groks tells me that in the 133 months Doge outperformed Bitcoin in 48 instances (36%). I’m betting on some crazy… pic.twitter.com/lRKbOZK6pQ
— Tutor (@cryptotutor) January 3, 2025
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Conclusion
Dogecoin’s recent surge has brought it back to the spotlight, with analysts predicting a potential target of $1 during this bull cycle. However, the asset would need to more than double its current valuation to reach this target. As the market continues to evolve, it will be interesting to track Dogecoin’s performance in the coming weeks.
FAQs
Q: What is the current price of Dogecoin?
A: As of the latest update, Dogecoin is trading at around $0.4.
Q: What is the target price predicted by analysts?
A: Analysts are predicting a potential target of $1 during this bull cycle, but the asset would need to more than double its current valuation to reach this target.
Q: What is the significance of Elon Musk’s role in the upcoming administration?
A: Elon Musk’s upcoming role under the new administration and his rich history and support for the largest meme coin have contributed to Dogecoin’s recent surge.
Q: What is the significance of the whales’ accumulation of coins during the correction and consolidation phase?
A: The larger number of coins accumulated by whales during this correction and consolidation phase has contributed to the promising situation around DOGE.
