Is Dogecoin Dead In 2024? A Look Into Its Future

Dogecoin’s future looks promising despite the recent losses, with Elon Musk’s backing and other market trends suggesting it’s far from dead in 2024. Dogecoin’s price has dropped 54% from its yearly high in March 2024. Elon Musk’s willingness to accept DOGE as a payment option boosts market optimism. A recent price prediction indicates DOGE could end 2024 at $0.111 or higher, signalling gains.

The leading meme coin Dogecoin has been on the investors’ radar lately, as evidenced by the soaring hype over the crypto. However, despite the hype, the crypto has witnessed gloomy trading lately, dropping more than 54% from its yearly high of $0.2266 noted in March end. Having said that, discussions have sparked if DOGE is dead in 2024.

Is Dogecoin Dead In 2024?

The losing momentum of this one of the top meme coins has fueled concerns among some investors, sparking concerns over the potential future of the crypto. However, the recent developments highlight that crypto could witness a strong rebound. In other words, it is less likely that Dogecoin will be dead in 2024.

The recent backing from Elon Musk has fueled market optimism, aiding in a recovery of the meme coin. In addition, Musk revealed his willingness to accept DOGE as a payment option for Tesla merchandise. In addition, Notably, this comes after Elon Musk and Tesla secured victory in the dismissal of the Dogecoin lawsuit, which accused them of manipulating the crypto for personal gains.

Considering these backings and the anticipation of a broader financial market rebound, the meme coin is still likely to be appealing to many. In addition, the recent surge in whale activity also indicates a bullish momentum for the crypto.

 Read more:-Metalpha on Ethereum Selling Spree Can Dump 51,300 ETH By End of Week

DOGE Price Steady, Signaling Growth Potential

As of writing, Dogecoin price traded near the flatline at $0.1022 over the last 24 hours, with its trading volume dropping nearly 20% to $426.75 million. Besides, CoinGlass data showed that DOGE Futures Open Interest (OI) fell over 2% to $456.5 million, while the Options OI rocketed 106% to $680.66K. However, the meme coin has added nearly 5% over the last seven days.

With such backings in mind and given expectations of the expanded financial market’s improvement, the meme coin will still be appealing to many. Further, the current prices also show that whales are active within the market and hence are a positive for this crypto.

What’s Next For Dogecoin ?

At the time of writing this, DOGE’s price was almost stagnant barely moving from the $0. 1022 in the last 24 hours while showing a nearly 20% decline in its daily volume to $426. 75 million. Besides, based on CoinGlass data, DOGE Futures Open Interest (OI) was down by more than 2% at $456. A $5 million increase was also posted for the Options OI rocket which soared 106% to $680. 66K. Nevertheless, meme coins have been trending by increasing by nearly 5 per cent in the last 7 days.

At the same time, some new Dogecoin price prediction shows that the crypto may close the year at $0. 111, signaling further gains. Besides this, a lot of market-watchers expect that the latest Musk backing and other market fundamentals will take the prices to even higher levels. To put this into perspective, there is another DOGE price prediction that points to the crypto asset’s target of $0. 21 in a bull market The percentage of return that an investor gets in a given time in a bull market.

Its possible that the rate cut may happen in 2024, this is expected to positively influence the broader general performance of the financial market and in essence, push up the price of the crypto. At the same time, the upcoming US Presidential election is also likely to be supportive of the market for the digital assets and might help in the overall market recovery. Nonetheless, it seems that now the number one meme coin can start a surge in the coming days.