Dogecoin (DOGE) Price Prediction 2024: Will the Meme-Inspired Cryptocurrency Continue to Rise?

Dogecoin (DOGE) is making news again, as analysts forecast a price increase. Following Trump's recent election victory, the cryptocurrency has enjoyed a phenomenal 157% weekly increase, fuelled by increased speculation about the roles of Elon Musk and Trump in the incoming administration.

Dogecoin (DOGE) price analysis for 2024 reveals a bullish trend, with analysts predicting significant price increases. Following Trump’s recent election victory, the cryptocurrency has enjoyed a phenomenal 157% weekly increase, largely driven by speculation about Elon Musk and Trump in the incoming administration.

Dogecoin’s price is closely tied to Bitcoin’s performance, with a correlation score of 0.92. This indicates that DOGE tends to move in the same direction as Bitcoin. According to analysts, this correlation could be a double-edged sword. If Bitcoin experiences a downturn, Dogecoin may not be immune.

A closer look at Dogecoin’s price chart reveals a bullish market sentiment, with the Fear & Greed Index score at 69, indicating investor “greed.” DOGE has closed in the green for 19 of the last 30 days, highlighting its recent uptrend.

Moreover, Dogecoin continues to be a hot topic among retail investors, thanks to its meme culture and community support, which is attracting new traders into the cryptocurrency space.

One analysis suggests that traders can expect massive upward swings followed by large pullbacks, continuing into 2025. A significant increase in volume is also expected to drive the price higher. However, some analysts caution against having unrealistic expectations.

While Dogecoin is expected to make significant gains, it may also see corrections along the road. One projection anticipates a 12% decrease by December 2024.

The broader cryptocurrency market is recovering, which began in 2023, largely due to Bitcoin’s rally. As Bitcoin continues to reach new highs, altcoins like Dogecoin are often benefiting from the enthusiasm.

However, experts advise that investors trying to diversify their portfolios should not count solely on Bitcoin’s performance.

Despite Dogecoin’s likely appreciation in 2024 and beyond—especially since the coin has recently gone up by 150%—investors should be wary as the cryptocurrency market is known to be volatile.

The correlation between Bitcoin and Dogecoin is expected to continue impacting DOGE’s movement over the next few months. As always, potential investors are advised to do their own research and assess market conditions before committing any funds.