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Dogecoin experienced a significant price surge in early 2024 but has since retraced.
Despite the decline, analysts like Ali are bullish on Dogecoin and see the memecoin's price increasing between 140% to 230% in 2024.
Some analysts like Kaleo and Cryptonomist even anticipate Dogecoin reaching $1 or $2 by the end of 2024 or early 2025.
AI models like Coincodex and ChatGPT offer more conservative price predictions for Dogecoin but still expect price increases.
Overall, analysts and AI models generally agree that Dogecoin has a bullish future, with a 300% to 1,460% rally.
Dogecoin has been through a serious rollercoaster of a ride throughout 2024, rising with the rest of the market at the start of the year from a low of $0.07.
The cryptocurrency spent the first three months of the year rallying by a staggering 200% to a high of $0.2288 on 28 March, right after Bitcoin made its $73,777 all-time high.
And then came the decline.
Dogecoin’s price performance
The memecoin king declined by around 60% from this high once again to a low of around $0.09 in early July.
However, Dogecoin still needs to reach its full potential.
In fact, according to data from CoinMarketCap, Dogecoin is still down around 83% from its previous all-time high of $0.7376.
This means that if we ever see a Dogecoin ATH retest, the memecoin would have rallied by a staggering 500% from current price levels—without mentioning how analysts still don't think $0.73 is the top for Dogecoin.
According to analysts, Dogecoin is currently a coiled spring, just waiting to pop.
One of the first tweets to consider is from renowned analyst Ali.
Ali has been discussing the $1 Dogecoin topic for months throughout the year and has even once hinted at Dogecoin breaking above $5.
In a recent tweet, the analyst mentioned that he hadn’t “sold a single Doge”.
At the moment, Dogecoin is consolidating after attempting to break above the $0.147 price level.
Ali says that this trend might continue for a while before a 140% - 230% rally and then a bull run.
Another analyst, the Cryptonomist, says that Dogecoin's $1 mark isn't a cycle top—it's more of a yearly top with more upside to come.
“High chance of $1 this year. Imagine picking it up at 5 cents," the Cryptonomist says.
Finally, Kaleo believes that Dogecoin is headed for “one last nuke” before the bull run, which will happen later in 2024.
"I still believe we're in a meme coin supercycle, and we'll see DOGE send to $1 - $2." the analyst says. “History just says we most likely have a little bit of time left to prep for it before it happens.”
In essence, analysts generally see Dogecoin rallying to between $1 - $2 between 2024 and 2025, with patience being the ultimate virtue.
One of the most popular AI models for predicting the future price of cryptocurrencies is Coincodex.
AIs tend to be much more conservative when it comes to predicting crypto prices. Coincodex's AIs believe that Dogecoin will "reach $0.109955 by 22 August 2024."
Furthermore, the AI prediction from Coincodex also shows that Dogecoin might gain around 346.91% as it trades between $0.109069 on the lower end and $0.557717 on the higher end of the year.
Dogecoin’s long-term price prediction
OpenAI's ChatGPT-4o, on the other hand, has a slightly more detailed analysis of where Dogecoin might be headed.
GPT believes that Dogecoin is set to see a yearly low of around $0.08 in 2024, a mid-point of around $0.215 and a yearly high of $0.35.
Yearly lows and highs for Dogecoin
Speaking of 2025, however, the AI agrees with Coincodex’s models about a yearly low of around $0.16, a midpoint of $0.3, and a yearly high of around $0.55.
In summary, both AI and non-AI analysts believe that the future of Dogecoin is bullish.
However, while AIs tend to be more conservative in their views than humans, both parties expect a bullish move to a yearly high between $0.55 and $2, which would be a 300% to 1,460% rally from current price levels.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.