Dogecoin Price Prediction: $5 Billion Flood In, $10 DOGE in 2024?
Even after its overnight trading volume reached $5 billion, DOGE, crypto's most popular meme coin, is dropping back harder than any other top twenty cryptocurrency by market capitalization.
DOGE is down 4.6% in 24 hours to $0.1213, according to CoinGecko. Its price is dropping after a seven-day run that rose 45%.
Dogecoin is correcting the steepest among the largest cryptocurrencies. Market leader Bitcoin (BTC) fell 0.4% overnight and Ethereum (ETH) fell 1%.
With almost every significant cryptocurrency falling today, many are asking whether Bitcoin's spectacular rise, which took it beyond $63k yesterday, is finally fading.
DOGE's nearest competitor, Shiba Inu (SHIB), fell 2.5% to $0.000013 today, the only other top five meme currency to fall.
After spot exchange-traded funds launched in mid-January, institutional money poured into Bitcoin, driving prices up that week.
ETFs allow investors to purchase a Bitcoin-tracking investment instrument, which many prefer to the risks of directly keeping Bitcoin.
$10 DOGE?
According to DOGE's chart, the currency has reached levels not seen since November 2022.
Given its quick rise, a correction is likely, although DOGE is well-priced with an RSI of 50.
The meme coin leader may monitor Bitcoin and Ethereum prices throughout spring.
ETF enthusiasm and Bitcoin's halving expectation are boosting prices.
On April 19, miners' Bitcoin block rewards are halved, limiting Bitcoin supply.
The halving has historically caused price increases because Bitcoin demand stays stable throughout the supply pressure.
After ETFs began, institutional demand for Bitcoin has surged, thus the next halving is unlikely to be different.
The Doge Army may get their chosen currency to $1 before the year ends, but $10 DOGE is improbable.
