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

TL:DR;

• After the severe correction, Dogecoin woke up to a double-digit rise, leading it to a multi-week high.
• The asset has narrowed the gap to $0.4, but analysts continue to highlight $1 as a potential target during this bull cycle.

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

The asset soared by triple digits in a matter of weeks and peaked at almost $0.5. However, it began to lose momentum in December and fell sharply during the mid-month correction. In a few days, Dogecoin abandoned from over $0.41 to $0.26.

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

The landscape has changed for the entire market in recent days, however. The situation around DOGE has become particularly promising due to the greater number of coins accumulated by the whales during this phase of correction and consolidation.

As such, it didn’t take long for the OG meme coin to rise in value. On a single 24-hour scale, DOGE has climbed 16% and is now trading well above $0.39 after breaching the $0.34 resistance. It is up 25% on a weekly scale and stands at almost $0.4.

Analysts took this opportunity to double their $1 forecast for the asset, which has yet to be met. Nonetheless, DOGE would need to more than double its current valuation to achieve such a high price target.

Nevertheless, it would be interesting to follow the performance of Dogecoin in the coming weeks, particularly after Trump’s inauguration on January 20 and that of Musk. DOGE Department.

It is $doge against BTC

Target $1

During 2015-2017, I doubled my bitcoin bags by buying doge cheap – waiting and selling it for at least double the price.

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

– Tutor (@cryptotutor) January 3, 2025