Despite the ongoing bear market, Dogecoin (DOGE) remains one of the top 10 cryptocurrencies by market capitalization. With a total speculative value of $8.75 billion and a circulating supply of 141.22 billion DOGE, Dogecoin has managed to maintain its position. However, predicting the price of Dogecoin for the end of 2023 is still challenging.
Despite a reported dilution of around 13.7% in the past three years, Dogecoin continues to offer an interesting opportunity for crypto traders and investors worldwide. It remains the favored memecoin and cryptocurrency of Elon Musk, the richest man on earth. As we approach the final quarter of the year, CoinCodex’s AI-powered price prediction algorithms have been utilized to forecast Dogecoin’s price trajectory by the end of 2023 and January 2024. The AI predicts that by December 31, 2023, Dogecoin’s price will be $0.058715 per DOGE, a slight decrease from the current prices.
However, the AI expects a trending reversal for Dogecoin in 2024, with a forecasted price of $0.150189 per DOGE by January 31. This represents a gain of approximately 150% from the end of 2023’s forecast. Currently, DOGE is trading at $0.06198 with gains of 0.52% intraday. The 24-hour exchange volume is relatively low at around $100 million, accounting for about 1.15% of Dogecoin’s market cap. Despite recent volatility and recovery from losses, the market is experiencing low liquidity moments. To consider the AI’s forecast, further developments, news, and macroeconomic factors will heavily influence Dogecoin’s price.
In conclusion, the forecasted price of Dogecoin poses a possible decrease by the end of 2023 but a subsequent increase in 2024. However, these predictions cannot be regarded in isolation and rely on various external factors that are yet to unfold. It’s important to note that investing in cryptocurrencies is speculative, and investors should be aware of the associated risks.