Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
The digital asset ecosystem was not ready for an odd new class of currencies called meme coins, which would go on to turn heads from within and outside of crypto circles.
Born from a viral social media joke about a Shiba Inu dog, these assets quickly rose to the top of the crypto world.
Even though various meme coins sprang onto the scene, Dogecoin [DOGE] has maintained its spot as the top meme coin in the world for many years now.
DOGE, ranked as the tenth-largest cryptocurrency by market capitalization, has experienced an unparalleled increase in value and popularity over the years. The historic 2020-21 bull market propelled the meme coin to unprecedented heights.
Over-dependence on Musk
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.”
Dogecoin might be my fav cryptocurrency. It’s pretty cool.
— Elon Musk (@elonmusk) April 2, 2019
DOGE increased by more than 70% immediately following Musk’s disclosure. What was intriguing was that this occurred amid the pinnacle of the bear market.
Since then, the tech mogul has publicly endorsed the memecoin multiple times. He even referred to it as the “people’s crypto” on one occasion, highlighting its widespread use among his company’s blue-collar workers.
I mean 🤷🏼♂️ the appeal is real #dogecoin 👉🏼 https://t.co/9FCuiv0ROW pic.twitter.com/oueAaU7EKQ
— SlumDOGE Millionaire (@ProTheDoge) October 23, 2021
Aside from the brief price increases, the Dogecoin community saw a level of optimism never seen before as a consequence of an endorsement by one of the richest people in the world. And when Musk took over Twitter in the autumn of 2022, the excitement reached new heights.
Elon Musk’s purchase of Twitter marked an iconic moment. As a result of Musk’s announcement, the price of Dogecoin appreciated by more than 100%.
Since Musk-Twitter’s takeover, there have been speculations about incorporating and integrating Dogecoin with X.
The rumors about DOGE being the official means of crypto payment began to grow. Within a week, the memecoin’s value had more than doubled.
However, it’s been months since and Musk has not made any updates on this front yet. Also, this hype didn’t last long.
Due to its over-dependence on Elon Musk, DOGE has not been able to expand its repertory of successful real-world use cases. This caused the memecoin’s price to lag earlier in the year.
A thriving community
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.
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.
This thriving community contributed to Dogecoin’s continued popularity and global acceptance.
Green light for DOGE-1
In November, the National Telecommunications and Information Administration (NTIA) granted crucial regulatory authorization to the DOGE-funded SpaceX Doge-1 Moon Mission.
A few weeks 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.
SpaceX launching satellite Doge-1 to the moon next year, now i find january 12, 2024
– Mission paid for in Doge⁰– 1st crypto in space⁰– 1st meme in space
To the mooooonnn!! pic.twitter.com/izwhIZngu9— Doge Norway (@DogecoinNorway) November 28, 2023
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.
Following the (NTIA) clearance, Dogecoin’s value hiked significantly.
ChatGPT gives its opinion
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.
Can Dogecoin maintain its momentum?
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 14 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.
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.
Dogecoin’s price movements
Source: DOGE/USD, TradingView
Dogecoin’s price analysis suggests that the DOGE market has been in a sideways trend during the past week. DOGE saw a 7.6% loss over the past week and was changing hands at $0.07816 at the time of writing.
The MACD evinced several red histograms below the half-line as the lines went southward to reflect selling pressure. The Chaikin Money Flow (CMF) indicator lingered around zero to portray bearish momentum.
Conclusion
Even though there hasn’t been much development in terms of use cases and there have been a few failed initiatives, Dogecoin has the potential to be a major player and a top cryptocurrency.
Investor interest has increased as a result of the recent emergence of new meme currencies like Pepe [PEPE] and Bonk [BONK] and the general appeal of the meme coin market.
It is thus reasonable to infer that DOGE will continue to be significant during the next bull run, which we may see in 2024.
Read Dogecoin’s [DOGE] Price Prediction 2023-2024
Now keep in mind that ChatGPT is yet a learning tool, therefore it’s not flawless. Thus, before following the recommendation to fill up your DOGE orders, it would be best if you performed your own analysis.
Given how unstable the cryptocurrency market is, we should exercise caution, as always.
