Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Dogecoin [DOGE] has been notorious for its price movements in the ecosystem, giving its holders both hope and despair in equal amounts.
The meme coin saw a 13.26% increase in its price over the past month of trading, giving its supporters a hint at what its price could be in the coming year.
At the time of writing, the coin was trading at $0.09244 seeing a slight increase in its price over the past week.
DOGE’s humble beginnings
Dogecoin was founded in December 2013 as a cryptocurrency based on memes. The introduction of serious digital currencies at the time encouraged the development of this amusing alternative.
Jackson Palmer and Billy Markus, two software developers, co-founded the project to create Dogecoin as a more accessible cryptocurrency than Bitcoin [BTC].
In addition to its support for clean water efforts and the Jamaican sledge team, the currency quickly gained a following.
Despite its amusing origins, Dogecoin developed a particular charm by incorporating charity, community spirit, and internet culture.
The reason for Dogecoin’s phenomenal growth is its robust and passionate community. This group is well-known for its wit, inclusivity, and common ambition of mocking the significance of Bitcoin.
On social media platforms like Reddit and Twitter, fans built a sense of community by sharing memes, providing suggestions, and endorsing charitable organizations. This gesture attracted new members.
The thriving community contributed to Dogecoin’s continued popularity and global acceptance.
The advent of Dogecoin was crucial in preparing the ground for the present expansion of the memecoin arena. The cryptocurrency’s popularity truly took off when Tesla CEO Elon Musk started endorsing the coin.
Musk joined the Dogecoin bandwagon in 2019, primarily as a joke. However, over many months, his social media remarks about Dogecoin lent it more and more credibility.
His earliest mention of Dogecoin came on X (formerly Twitter) in April 2019, when he called it “my fav cryptocurrency.”
Will DOGE see a bull run?
DOGE was trading at $0.09244 at press time. A look at the charts it could be seen that the price was moving between the range of $0.05546-$0.10714.
If the coin can break past the upper limit on this range, then a further upward movement can be expected.
Taking a look at the Awesome Oscillator or AO, it can be observed that red bars were forming above the 0-level, showing signs of a possible pullback.
The CMF or Chaikin Money Flow showed a reading of 0.6 which hints at a weak bull market and reinforces the AO reading. Needless to say, if DOGE has to see more green in 2024, the price has to break past the $0.10714 level of resistance.
ChatGPT’s take on the meme coin’s future
We began to put our AI companion to the test by presenting it with questions related to the future of Dogecoin. The capacity of ChatGPT to express itself is now hampered owing to constraints set by the developers.
Ergo, we used the “jailbreak” hack to get it to say what it wanted.
Source: ChatGPT
Our AI companion thinks that the DOGE-1 satellite project will push Dogecoin’s prices to new heights. As the project is the first of its kind, the coin will grab more attention and support from the space community, which will work in the coin’s favor.
The price of Dogecoin rose by 20% in the first ten days of December as crypto-investors poured into memecoin marketplaces to boost earnings and diversify their portfolios. However, the meme coin suffered a 5% correction on the 14th of December.
So, we asked ChatGPT whether Dogecoin can maintain its momentum or not.
Source: ChatGPT
The classic version listed various factors, including market sentiment, real-world use cases, and its ability to adapt, that would decide if DOGE can propel itself forward.
The jailbroken version was rather more enthusiastic about the potential of the memecoin.
It claimed that with an ever-growing community of supporters and exciting developments on the horizon, Dogecoin is set to become the cryptocurrency of the future.
DOGE to the moon!
In November, the National Telecommunications and Information Administration (NTIA) granted crucial regulatory authorization to the DOGE-funded SpaceX Doge-1 Moon Mission.
A few days ago, the Federal Communications Commission authorized the DOGE-1 Moon Mission for launch on the 12th of January 2024.
The announcement was made by Doge Norway on X. He went on to say that the expedition was paid for in DOGE and that it is the first meme crypto in space.
The DOGE-1 satellite project was unveiled by the Geometric Energy Corporation, a space technology corporation, in May 2021.
Elon Musk stated that his spacecraft engineering firm will disclose the Dogecoin-themed voyage to the moon in the first quarter of 2022.
The mission aims to launch the DOGE-1 satellite into lunar orbit, becoming the first spacecraft entirely sponsored by Dogecoin.
The SpaceX Falcon 9 rocket will be used to launch DOGE-1 into space, demonstrating Dogecoin’s foray into cosmic realms.
Will Dogecoin hit the $1-mark in 2024?
Despite demonstrating a break from the bearish trend, the conditions surrounding DOGE remain unclear. The cryptocurrency markets are on a rollercoaster ride, with numbers hovering near critical levels.
The bulls and bears have equal power, keeping prices above the support but below the critical resistance levels. Meanwhile, the famous memecoin has made some impressive moves in recent days.
So, we asked ChatGPT a question regarding the future.
Source: ChatGPT
Even though the AI bot seems optimistic about the coin’s trajectory, we should keep in mind that predicting the price of a coin is highly speculative and depends on a wide range of factors.
Thus, we can assume it’s a highly speculative prediction that is unlikely to come true.
Final word
While DOGE has seen some gains in the past few days, the coin still needs to go a long way if it has to compete with the influx of meme coins in the market currently.
There has been an uptick of more than 35% in the creation of new addresses over the last seven days for DOGE, indicating potential growth in its trading activity and liquidity.
Furthermore, there has been an impressive expansion in its active addresses and holders.
ChatGPT is a helpful tool for traders looking for guidance while making trading decisions, but it is still very important to use your discretion and do research before investing or trading in the crypto space.
