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

TL:DR;

• After the severe correction, Dogecoin woke up by recording a double-digit rise, taking it to a multi-week peak.
• The asset has closed the gap to $0.4, but analysts continue to highlight $1 as a potential target during this bullish cycle.

Shortly after Donald Trump won the US election in early November, the price of DOGE skyrocketed due to Elon Musk’s upcoming role under the new administration and his rich history and support for the largest meme coin.

The asset skyrocketed by triple digits within weeks and reached a high of almost $0.5. However, it began to lose traction in December and plunged sharply during the mid-month correction. In a matter of days, Dogecoin fell from over $0.41 to $0.26.

It reacted well after this substantial drop and rose to $0.35 almost immediately. However, it failed to recover further and remained in a tight range of $0.31 and $0.34 for weeks.

However, in recent days the panorama has changed for the entire market. The situation around DOGE became particularly promising due to the increased amount of coins accumulated by whales during this correction and consolidation phase.

As such, it didn’t take long for the OG meme coin to increase in value. On a 24-hour scale alone, DOGE has soared 16% and is now trading well above $0.39 after breaking through the $0.34 resistance. It has increased by 25% on a weekly scale and stands near $0.4.

Analysts have taken this opportunity to double down on their $1 prediction for the asset, which has yet to be reached. However, DOGE would need to more than double its current valuation to reach such a high price target.

However, it would be interesting to follow Dogecoin’s performance in the coming weeks, especially after Trump’s inauguration on January 20 and Musk’s DOGE department.

This is $dog against btc

Goal $1

In the period 2015-2017 I doubled my bitcoin bags by buying doge at a low price, waiting and selling it for at least double the price.

Groks tells me that in the 133 months, Doge outperformed Bitcoin in 48 cases (36%). I bet on something crazy… pic.twitter.com/lRKbOZK6pQ

– Tutor (@cryptotutor) January 3, 2025