Dogecoin (DOGE) Skyrockets 16% Daily as Analysts Set $1 Target

TL:DR;

• After the extreme correction, Dogecoin has woke up by posting a double-digit surge, which drove it to a multi-week peak.
• The asset has closed down the hole to $0.4, however analysts proceed to focus on $1 as a possible goal throughout this bull cycle.

Shortly after Donald Trump received the US elections at the beginning of November, DOGE’s worth went on a wild run as a consequence of Elon Musk’s upcoming function beneath the brand new administration and his wealthy historical past and assist for the biggest meme coin.

The asset skyrocketed by triple digits inside weeks and peaked at nearly $0.5. Nonetheless, it began to lose traction in December and plunged onerous in the course of the mid-month correction. In a matter of days, Dogecoin dumped from over $0.41 to $0.26.

It reacted effectively after this substantial decline and pushed to $0.35 nearly instantly. Nonetheless, it didn’t rally additional and remained in a decent vary of $0.31 and $0.34 for weeks.

The panorama modified, although, for your entire market prior to now few days. The state of affairs round DOGE grew to become significantly promising as a result of bigger variety of cash accumulated by whales throughout this correction and consolidation part.

As such, it didn’t take lengthy for the OG meme coin to surge in worth. On a 24-hour scale alone, DOGE has shot up by 16% and now trades effectively above $0.39 after breaking above the $0.34 resistance. It’s up by 25% on a weekly scale and sits near $0.4.

Analysts have used this chance to double down on their $1 prediction for the asset, which is but to be reached. Nonetheless, DOGE would wish to greater than double its present valuation to faucet such a excessive worth goal.

Nonetheless, it could be fascinating to trace Dogecoin’s efficiency within the following weeks, particularly after Trump’s inauguration on January 20 and Musk’s D.O.G.E. department.

That is $doge towards btc

Goal $1

Within the interval 2015-2017 I doubled my bitcoin luggage by shopping for doge low – ready and promoting it at the very least double the value.

Groks tells me that within the 133 months Doge outperformed Bitcoin in 48 situations (36%). I’m betting on some loopy… pic.twitter.com/lRKbOZK6pQ

— Tutor (@cryptotutor) January 3, 2025