Dogecoin (DOGE) Price Spiked at the End of 2024, Reaching 4x Increase

The price of Dogecoin (DOGE) experienced a significant spike at the end of 2024, with an increase of up to four times in just a few weeks.

The price of Dogecoin (DOGE) experienced a significant spike at the end of 2024, with an increase of up to four times in just a few weeks.

This price surge has sparked optimism among the DOGE community, who expect the meme coin to reach a value of $1 by 2025.

However, obstacles such as concerns over global economic conditions, lack of tangible uses, and diminishing support from Elon Musk suggest that the $1 price point may not be realized anytime soon.

Dogecoin (DOGE) had a moment in the spotlight at the end of 2024.

The price of the meme coin experienced an impressive spike of up to four times in just a few weeks. This surge in price has brought a ray of hope to the DOGE community, who are eagerly anticipating the coin to reach a value of $1 by 2025.

However, despite this optimism, there are several hurdles that could prevent the meme coin from reaching the triple-digit price point.

Lack of use cases and concerns over global economic conditions may hamper DOGE’s recovery to $1. Additionally, Elon Musk’s reduced involvement with the project and the structure of the coin’s tokenomics also pose challenges.

Analysts Speculate: Will Dogecoin Price Reach $1?

The Dogecoin community still holds out hope that the coin’s price will one day soar to $1. However, a number of prominent analysts in the crypto market cite various reasons why this is unlikely to happen in the near future.

This discussion was sparked by a post on the X platform by Michael Gayed, who stated that he never understood why the top-10 ranked crypto asset had never touched the $1 mark.

In response to the post, analyst DerektheCleric mentioned that achieving a $1 price for Dogecoin is “basically impossible” due to its tokenomics structure.

He noted that, unlike Bitcoin which has a maximum supply limit, Dogecoin has no limit to the number of coins that can be minted. He adds:

“Dogecoin can be produced like fiat money. Its price will always be related to its production cost.”

Some other analysts have also pointed out that most current Dogecoin holders bought it when the price was still very low.

As a result, whenever the price of DOGE shows signs of approaching $1, these old holders tend to sell, which causes the price to drop again.

Some have even cited Tesla CEO Elon Musk as one of the reasons why Dogecoin is unlikely to reach $1. They believe that Musk has not shown much support for DOGE recently.

This view is in line with a previous article from Coingape which mentioned that Musk’s involvement with the DOGE project has actually reduced his popularity.

Key Factors that Could Push the Dogecoin Price to $1

There are several important factors that could potentially push the Dogecoin price to reach the $1 mark. One of the main factors is the possible approval of a spot-based Dogecoin ETF.

A number of well-known asset managers, including Bitwise and Grayscale, have applied for a spot DOGE ETF so that financial institutions can get direct access to these assets.

On prediction platform Polymarket, the odds of DOGE spot ETF approval by the SEC in 2025 have jumped to 69%. If this approval happens, it is believed to be a major trigger that could bring the price of DOGE up to $1.

The second factor is the increasing utility of Dogecoin. Currently, DOGE is already accepted as payment on several major platforms such as Tesla and Twitch.

If more companies start accepting payments using DOGE, this could accelerate the price surge towards the psychological $1 mark.

Finally, the adoption of the Dogecoin blockchain will also be highly influential. If the DOGE blockchain begins to be widely used for various applications or transactions, then this increased utility will significantly amplify price growth.

Dogecoin Technical Analysis: Buy Signals Begin to Emerge

While some analysts have given mixed predictions about Dogecoin’s price and doubted its ability to reach $1, technical analysis on low timeframes shows promising signs of recovery.

The MACD indicator shows the MACD line has broken above the signal line – this is usually interpreted as a buy signal.

After this signal appeared, DOGE bounced off the lowest point in recent months, signaling an increase in demand which could be a trigger for further price increases.

In addition, the AO (Awesome Oscillator) histogram also shows a bullish divergence, which supports the upside potential.

If the buying pressure continues, DOGE has an opportunity to rise to the 78.6% Fibonacci level at $0.18. If it manages to break that level, the price has the potential to continue rising to 123.6% Fibonacci at $0.22.

However, for Dogecoin to actually reach $1 by 2025, strong fundamental factors are required, such as massive