Dogecoin Price Prediction: DOGE $1 Soon?

The crypto market is wavering in uncertainty as Bitcoin’s (BTC) price struggles to bounce back from $65,000. In the unpredictable market, DOGE, a token once started as a meme, is now on the rise. It has risen by 103.16% in the last month alone, trading around $0.1731. Over the past day, the DOGE has seen an increase of 6.21%. The trading volume for Dogecoin stands impressively at $2.983 billion, reflecting growing investor interest. With a market cap of $24.795 billion, Dogecoin ranks within the top 10 cryptocurrencies.

Will Dogecoin Price Reach $1 In the Next 30 Days?

The probability of DOGE reaching $1 in the next 30 days depends on several factors, including recent performance metrics and broader market dynamics. Over the past year, DOGE has shown impressive growth, with its price increasing by a remarkable 131%. It has outperformed 60% of the top 100 cryptocurrencies during this period, showing strong relative strength in the market. Additionally, Dogecoin is trading above its 200-day simple moving average (SMA), a technical indicator suggesting bullish momentum. This consistent positive performance shows growing investor confidence and interest in the asset. 

The upcoming Bitcoin halving in less than 30 days brings uncertainty. While past Bitcoin halvings often led to price increases in the crypto market, it’s hard to predict how it’ll affect Dogecoin’s price. Currently, at $0.1731, Dogecoin might hit $1 in the next 30 days, considering its recent performance.

Coinbase to Launch Futures Trading for Dogecoin

The derivatives arm of the largest American crypto exchange, Coinbase, has announced its plan to launch futures trading products for Dogecoin, Bitcoin Cash, and Litecoin. This news, shared by a DOGE advocate named “Summers” on X (formerly Twitter) on Wednesday, has sparked excitement among crypto investors and raised hopes for a potential price surge for the world’s second-largest meme cryptocurrency. Trading is anticipated to start on April 1st, pending CFTC approval.

Crypto analyst David Mitchell said the launch of DOGE futures is a positive development for the community. He anticipates that it will lead to increased transactions and liquidity. Moreover, Mitchell highlighted DOGE’s significant milestone of surpassing 800,000 new wallets in the first quarter of this year.

He said:

“The more Doge that is obligated to transact the less Doge that there’s going to be sitting in those institutional wallets and the higher prices that we’re going to be able to attain. So, this is certainly a good road map to ensuring that doge is Growing.”

Whale Activity Surges

As per the tweet by crypto analytics firm IntoTheBlock, the number of DOGE transactions larger than $1 million surged by more than 600% in the past month. This represents the highest number of DOGE millionaire transactions since the coin’s peak in May 2021.

Dogecoin whales are active! The number of $DOGE transactions larger than $1 million increased by more than 600% in the last 30 days! pic.twitter.com/6yrgnta9Da

— IntoTheBlock (@intotheblock) March 21, 2024

The renowned crypto analyst Ali Martinez tweeted that Dogecoin whales acquired 25 million DOGE between Tuesday and Thursday, totaling approximately $3.75 million. The rise in whale activity, especially in significant purchases, is a bullish indicator. Experts believe that the Dogecoin could hit the $1 milestone soon.

#Dogecoin whales have bought 25 million $DOGE in the past 72 hours, worth around $3.75 million! pic.twitter.com/y1RnRffWhv

— Ali (@ali_charts) March 21, 2024