The original meme coin has undoubtedly become a key part of the digital asset sector. As the 10th largest token by market cap, it has found itself as one of the most popular investment options. However, could an ascension be on the cards? Specifically, could Dogecoin (DOGE) be set to surpass $1 in 2024?
The asset is currently trading at $0.929, slightly down by less than 1% over the last 24 hours, according to CoinMarketCap. However, with the year quickly coming to a close, could the new year provide a renewed trajectory for the meme coin? Well, let’s delve a little bit deeper.
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Dogecoin (DOGE) Set to Hit New All-Time High in 2024?
Throughout 2023, the digital asset sector has seen a massive bounce back from the events a year prior. Indeed, overall market sentiment is increasingly positive as the Christmas holiday has come and gone. Now, with the new year on the horizon, various tokens could be poised for massive gains.
Among them is none other than Dogecoin (DOGE), which could see a $1 price in 2024. That value would certainly be an all-time high for the asset. Specifically, its previous mark was $0.73 in May 2021. Still, to reach that previous high, it would need a surge of more than 680%, with an even larger jump to surpass the dollar mark.
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What makes this a possibility is the past performance of the asset. Indeed, during the march to its previous high, DOGE reached $0.5 in March of that year, up from a $0.41 price in April. Subsequently, that 720% increase was not the largest it had seen during that march. Specifically, it increased an incredible 1360% in less than 10 weeks to reach its previous high mark.
Still, that development had a lot to do with Elon Musk, the self-professed Dogefather, and exchanges adding DOGE. Therefore, for a similar development to take place this time around, massive changes would have to occur. The arrival of a Spot Bitcoin ETF could be one of those, but it would need additional outside interference to catapult beyond the $1 mark.
Although this could be possible, it is not likely. Moreover, the price prediction platform, Changelly does not predict a $1 price point for the asset within the next several years. However, as has been common for DOGE, it could face unexpected benefits that propel it further than expected.