Amid the recent Bitcoin (BTC)-induced crypto pump, traders are flocking to top meme coins, led by Dogecoin (DOGE), Pepe (PEPE), Floki (FLOKI), and Shiba Inu (SHIB), in hopes of catching higher returns. Additionally, the daily average traded volume for leading altcoins has more than doubled, sparking expectations of an imminent upsurge.
DOGE Price Analysis and Near-Term Expectations
In the past seven days, Dogecoin’s price has surged by over 21%, trading at around $0.07126. The average daily traded volume has increased by approximately 47% in the past 24 hours, reaching around $718 million.
Despite the emergence of various rivals over the past two years, Dogecoin has managed to maintain its status as the top-rated meme coin. This is largely attributed to the backing it receives from tech billionaire Elon Musk. As a result, expectations are high for Dogecoin’s price to rally exponentially towards its all-time high (ATH) in the coming months.
Dogecoin to Moon?
Renowned crypto analyst Captain Faibik predicts that Dogecoin’s price is well-positioned to reach $1 during the first half of 2024. However, traders are advised to exercise caution, as sudden price corrections often lead to significant liquidations.
Elon Musk’s unwavering support for Dogecoin has been a driving force behind its popularity. The Dogecoin community eagerly anticipates its integration with the X platform as a form of payment. In the meantime, the Dogecoin network has surpassed 173,000 transactions and boasts nearly 6 million non-zero addresses, highlighting its robust user base and potential for further growth.