finbold.com
Top meme cryptocurrency, Dogecoin (DOGE), is undergoing a short-term correction following several days of rallying, during which the coin maintained its price above the $0.20 support zone.
From a broader perspective, DOGE’s sustained gains can be considered impressive amidst the ongoing crypto bull run, supported by sustained network development and trading patterns mirroring Bitcoin’s trajectory.
Given the current price movement, a section of the Dogecoin community is eyeing the elusive $1 mark in 2024, particularly anticipating bullish catalysts such as Bitcoin halving. In this context, Finbold consulted Anthropic’s Claude 3 Opus AI platform, a competitor to OpenAI’s ChatGPT in the realm of generative artificial intelligence (AI).
DOGE AI price prediction
According to Claude Opus AI’s analysis, the most likely price range for the end of the year falls between $0.35 and $0.50. The analysis suggests that DOGE could sustain its upward trajectory more moderately.
In the most bullish scenario, the tool projected that Dogecoin could surge to $0.75 to $1.00 by the end of 2024, should the broader cryptocurrency market witness a significant bull run. At the same time, the AI tool pointed out that with possible increased mainstream adoption, DOGE could see its value near the $1 mark.
It is worth noting that Dogecoin has found utility in various sectors, including payments, and its association with Tesla (NASDAQ: TSLA) CEO Elon Musk suggests potential additional use cases. In this regard, there are expectations that Dogecoin might be integrated into the X Payments system by the social media giant X (formerly Twitter) following Musk’s acquisition.
However, in the event of a market correction or a shift in investor sentiment, the tool pointed out that Dogecoin might experience a retracement. Nonetheless, Claude Opus AI’s analysis indicates that DOGE will likely trade at a minimum range of $0.15 to $0.20 for the remainder of 2024.
DOGE’s increasing activity
Meanwhile, Dogecoin’s recent rally has coincided with increased network activity. For instance, the number of Dogecoin holders now stands at approximately 7 million. This surge in numbers is partly due to the token’s valuation and the Dogecoin Foundation’s rollout of GigaWallet v1.0. The wallet seeks to enable businesses to integrate Dogecoin payments seamlessly through API integration.
Dogecoin’s bullish momentum will likely continue, especially with the news that Coinbase (NASDAQ: COIN) plans to list DOGE futures products starting April 1. This development coincides with a period when Dogecoin witnessed increased whale transactions.
Data shared by crypto analyst Ali Martinez on March 29 indicated a significant whale accumulation of the meme coin over the past two weeks, with total purchased tokens amounting to approximately 280 million. These indicators suggest potential price growth for DOGE in the near future.
By press time, DOGE was trading at $0.199, which had been corrected by over 7% in the last 24 hours. However, in the past seven days, DOGE is up almost 15%.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.