Dogecoin is without doubt going to be the leading altcoin industry in 2024. Even though the coin has seen many fluctuations in the recent past, Dogecoin is expected to have the potential to emerge big during this season.
In this article, we will examine the reasons for Dogecoin’s expected leadership in the altcoin market
More About Dogecoin
Dogecoin is a prominent meme coin currently trading on all major cryptocurrency exchanges. With a market capitalization of $19,712,837,114, Dogecoin is currently the 9th most valuable cryptocurrency in the market.
This decade-old meme coin is an open-source, peer-to-peer transaction alternative to other cryptocurrency giants such as Bitcoin and Ethereum. During the initial days of its creation, Dogecoin was intended to be a fun-filled coin; however, it later gained unexpected traction and reached its current level of prominence.
Dogecoin does not have any inherent utility. It promotes a fun-filled community of meme coin enthusiasts who are interested in the dog theme of the coin that features the Shiba Inu breed.
Some followers of the Dogecoin platform argue in favour of its utility. They argue that Dogecoin has an inherent value which is why it is treated as an acceptable means of payment by various organizations and trusts. The continuing development of Dogecoin is a testimonial to its inherent value.
With major industrialists like Elon Musk promoting Dogecoin, its value is expected to rise in the future. It is also widely used by people to tip content creators on various social media platforms such as Reddit.
Why is Dogecoin a Good Investment?
Here are some of the reasons to consider Dogecoin as a profitable investment in the future.
- Volatility: The constant volatility of the Dogecoin shows its prominence in the market. The recent rise in the price of Dogecoin after a public comment by Elon Musk shows its hold among cryptocurrency users. A high upward volatility shows that Dogecoin is a relevant presence in the market.
- Influencers: Several influential figures such as Elon Musk have promoted Dogecoin on various occasions. Elon Musk is named by the Dogecoin community as “Dogefather” and “Dogecoin CEO.” However, the fact that promotion by a single entity or person can be detrimental to the future, as there is a chance of downward volatility, should not be ignored.
- FOMO: Since Dogecoin is a prominent name in the market with it topping the price charts occasionally, there is a chance that people buy this coin as per the psychology of fear of missing out (FOMO). The potential of Dogecoin to become a lucrative investment in the future makes it an asset that most investors do not want to miss.
- Understanding the Intrinsic Value: Dogecoin’s intrinsic value is based on what purposes it serves. However, a rough idea about the price can be obtained by analyzing metrics such as the price-to-earnings ratio.
Understanding the Price Prediction of Dogecoin for 2024 and 2025
The table below shows the price prediction of Dogecoin for October, November, and December 2024.
| Month | Low Price | Average Price | High Price |
|---|---|---|---|
| October 2024 | $0.13 | $0.13 | $0.13 |
| November 2024 | $0.12 | $0.24 | $0.28 |
| December 2024 | $0.11 | $0.22 | $0.29 |
The month-wise price prediction of Dogecoin during 2025 is given in the table below.
| Month | Low Price | Average Price | High Price |
| January 2025 | $0.29 | $0.29 | $0.30 |
| February 2025 | $0.28 | $0.29 | $0.34 |
| March 2025 | $0.28 | $0.29 | $0.32 |
| April 2025 | $0.28 | $0.29 | $0.30 |
| May 2025 | $0.29 | $0.30 | $0.32 |
| June 2025 | $0.29 | $0.30 | $0.34 |
| July 2025 | $0.29 | $0.31 | $0.34 |
| August 2025 | $0.28 | $0.30 | $0.32 |
| September 2025 | $0.28 | $0.29 | $0.32 |
| October 2025 | $0.29 | $0.30 | $0.31 |
| November 2025 | $0.28 | $0.30 | $0.32 |
| December 2025 | $0.29 | $0.29 | $0.33 |
The Bottom Line
Dogecoin would no doubt become a frontrunner in the altcoin market after the current bull run if the various market circumstances remain favourable.
Even otherwise, the general trend for Dogecoin is fairly bullish with 26 technical analysis indicators showing bullish trends against 6 technical analysis indicators showing bearish signals.
The simple moving averages and the exponential moving averages of Dogecoin at different periods signal that you should buy Dogecoins.
The only negative indicator is the relative strength index (RSI), which is currently 68. However, careful investment strategies according to the market trends of the times.
