The Bitcoin bull run, which was long-awaited by the crypto community is finally materializing. Analysts have hinted that the bull run is on by citing the recent uptrend in the Simple Moving Averages (SMAs) in Bitcoin’s price chart.
Such uptrends in the Bitcoin price chart have given rise to bullish trends for Bitcoin in the past too.
The price of Dogecoin, which is invariably tied to the price of Bitcoin will also see a consecutive rise in the price if Bitcoin rallies in the front. Other cryptocurrencies such as the XRP and WallitIQ (WLTQ) will also see a rise in price along with the cryptocurrency bull run.
Dogecoin Price Details
The current price of Dogecoin is $0.1348. If the Bitcoin bull run reaches the expected level in 2024, the price of Dogecoin is expected to reach $1. This would be a great achievement for Dogecoin, which was initially started as a meme coin without any particular utility.
The current market capitalization and the trading volume of Dogecoin for the last 24 hours are $19.72B and $1.99B, respectively. The current price and the market capitalization are higher than that of the previous day.
The Dogecoin’s price hike follows a period of uncertainty and fluctuations recently. The question of whether Dogecoin will be able to stand up against the price of other cryptocurrencies such as the XRP and WallitIQ (WLTQ) is recently under debate.
A few analysts believe that even though Dogecoin might reach $1 after this bull run, it may not be good enough to compete with the price rise of other altcoins such as the XRP and WallitIQ (WLTQ).
Whether Dogecoin can emerge as the number one altcoin in this season is still unknown. The recent price fluctuations make the coin an unreliable and risky investment option.
If Dogecoin can maintain a competing position among other altcoins during this bull run, it will have a significant future; otherwise, there are chances that Dogecoin will become less important in the future.
Reasons for the Dogecoin Price Hike
The recent hike in the price of Dogecoin after a prolonged period of uncertainties can be attributed to Elon Musk’s comment about the currency in a meeting in Pennsylvania yesterday.
Earlier this year, Trump had announced that he will create a Department of Government Efficiency with Musk as its head if he wins the election. During the meeting in Pennsylvania, Musk was asked whether he would head the Department of Government Efficiency, to which he replied, “Yeah, Doge.” This phrase has created a newfound buzz around Dogecoin.
The price of Dogecoin surged by 10% following this comment by Elon Musk. Earlier in March this year, the price of Dogecoin had seen a similar rise following Musk’s announcement that Tesla would onboard it as a payment option.
The price also spiked for a brief period two months later when Tesla added Dogecoin as one of its payment options.
The current price rise of Dogecoin is a hike after an 11-week-long stagnation in the price.
Dogecoin’s Future
Market analysts have varied opinions when asked about the future of Dogecoin. Some analysts believe that the price of Dogecoin will surge in the future while many others opine that it will not be able to stand up against the influx of altcoins such as XRP, Shiba Inu, and WallitIQ (WLTQ).
The challenge is that if Dogecoin has to reach a whooping price level, its market capitalization should also increase proportionately. The current Relative Strength Index (RSI) of Dogecoin is hovering around the 70-point mark, which shows that there is a chance for Dogecoin to see a drop in prices.
The future of Dogecoin depends on the overall market conditions in the next few months, and the overall reception that Dogecoin gets from industrialists such as Elon Musk.
The results of the American presidential election will also influence the price of Dogecoin. The price will rise if Trump wins the election and a pro-crypto government comes to power.
Even though the future is uncertain, it is undeniable that the present is favorable for Dogecoin as it has emerged as a name written among other profitable altcoins.
