Amid the recent cryptocurrency surge fueled by Bitcoin (BTC), traders have flocked to top meme coins led by Dogecoin (DOGE), Pepe (PEPE), Floki (FLOKI), and Shiba Inu (SHIB) , hoping to get higher returns. Additionally, the average daily trading volume of major altcoins has more than doubled, fueling expectations of an impending peak.
DOGE Price Analysis and Near-Term Expectations
In the past seven days, the price of Dogecoin has surged by more than 21% and is trading around $0.07126. Average daily trading volume increased by approximately 47% over the past 24 hours to approximately $718 million.
Despite the emergence of various competitors over the past two years, Dogecoin has managed to maintain its position as the top meme coin. This is largely due to the support of tech billionaire Elon Musk. As a result, expectations are high that the price of Dogecoin will rise exponentially to all-time highs (ATH) in the coming months.
Dogecoin to the moon?
Renowned cryptocurrency analyst Captain Faibik predicts that the price of Dogecoin is expected to reach $1 in the first half of 2024. However, traders are advised to exercise caution as sudden price adjustments can often lead to major liquidations.
Elon Musk’s unwavering support for Dogecoin is a driving force behind its popularity. The Dogecoin community is eagerly awaiting its integration with the X Platform as a payment method. Meanwhile, the Dogecoin network has surpassed 173,000 transactions and has nearly 6 million non-zero addresses, highlighting its strong user base and potential for further growth.
