The leading meme coin Dogecoin has been on the investors’ radar lately, as evidenced by the soaring hype over the crypto. However, despite the hype, the crypto has witnessed gloomy trading lately, dropping more than 54% from its yearly high of $0.2266 noted in March end. Having said that, discussions have sparked if DOGE is dead in 2024.
Is Dogecoin Dead In 2024?
The losing momentum of this one of the top meme coins has fueled concerns among some investors, sparking concerns over the potential future of the crypto. However, the recent developments highlight that crypto could witness a strong rebound. In other words, it is less likely that Dogecoin will be dead in 2024.
The recent backing from Elon Musk has fueled market optimism, aiding in a recovery of the meme coin. In addition, Musk revealed his willingness to accept DOGE as a payment option for Tesla merchandise. In addition, Notably, this comes after Elon Musk and Tesla secured victory in the dismissal of the Dogecoin lawsuit, which accused them of manipulating the crypto for personal gains.
Considering these backings and the anticipation of a broader financial market rebound, the meme coin is still likely to be appealing to many. In addition, the recent surge in whale activity also indicates a bullish momentum for the crypto.
What’s Next For DOGE?
As of writing, DOGE price traded near the flatline at $0.1022 over the last 24 hours, with its trading volume dropping nearly 20% to $426.75 million. Besides, CoinGlass data showed that DOGE Futures Open Interest (OI) fell over 2% to $456.5 million, while the Options OI rocketed 106% to $680.66K. However, the meme coin has added nearly 5% over the last seven days.
Meanwhile, recent Dogecoin price prediction indicates that the crypto could end the year at $0.111, signaling further gains. Besides, a flurry of market watchers anticipates the latest Musk backing and other market factors could send the prices to at much higher level. For context, another DOGE price analysis suggests that the crypto target is $0.21 in a bull market.
The possible US Fed rate cut in 2024 is likely to boost the broader financial market sentiment, which in turn could boost the crypto’s price. Simultaneously, the upcoming US Presidential election is also expected to be bullish for the digital assets market, which could aid in a broader market recovery. Having said that, it appears that the top meme coin is poised for a rally in the coming days.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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