Despite the crypto market filling with new coins, Dogecoin remains the most influential meme coin.
The original meme token has recently surged in value, defying expectations. On the other hand, most meme coins have faded into the correction phase. Let’s take a look at the recent performance by DOGE for better understanding.
Dogecoin’s price surge in 2024
Despite starting the year slowly, Dogecoin’s price jumped in February. At the time of writing, DOGE is trading near the $0.18 level with an 8.60% dip in the past 24 hours.
The meme coin has gained 31.43% value in the past month alone. And its 2-month surge showcases a 66% price hike, indicating renewed investor interest.
Reasons behind DOGE’s surge
Here’s why Dogecoin experienced a massive surge in the past few months.
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Market growth: The overall crypto market witnessed a resurgence in 2024. With the market stabilizing, the positive sentiment also boosted Dogecoin’s prices.
Whale activity: The latest on-chain data revealed that whales have increased their DOGE activity in recent times. The trend suggests that huge investors are expecting DOGE to grow in the coming months.
Coinbase futures: Dogecoin also launched its much-anticipated futures contract on Coinbase. This injected newfound excitement into the Dogecoin community, boosting its trading activity.
Analysts on Dogecoin
Ali Martinez, the well-known crypto analyst, also talked about Dogecoin recently. The analyst foresees a potential breakout for the coin, with the charts indicating a bullish pattern. There are clear hints of the coin inching towards the $0.30 mark in the future. However, traders should note that the analysis is merely one factor, and other factors can also influence the crypto industry.
I feel my fellow degens have been distracted with the new shiny #memecoins, but #Dogecoin remains the most important #altcoin in this sector.
From a technical perspective, #DOGE seems to mirror the 2018-2021 pattern. If so, $DOGE could be at the very beginning of a massive… pic.twitter.com/WGREwsxPcb
— Ali (@ali_charts) March 31, 2024
Future Dogecoin prediction
While predicting the future movement of any crypto is challenging, the latest DOGE price prediction sees the coin ending the year at $0.26. However, the price can go up to $0.30 in April alone. The increased whale activity and the DOGE options contract expiry can sway the coin’s future.
In conclusion
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The recent surge in DOGE’s price showcases its volatile potential and enduring popularity. Analysts have different options on its trajectory, but the future contract launch has breathed new life into the coin.
This, topped with the increased whale activity, hints at an incoming surge for the coin. However, how DOGE will cope with the eventual correction remains to be seen. One thing is certain: DOGE is still among the most influential meme coins on the market.
