YEREVAN (CoinChapter.com) — Dogecoin (DOGE), the original meme token that kickstarted the animal-themed crypto wave, is preparing for a massive rally. With the cryptocurrency market gearing up for a bull run, Dogecoin prices can surge by as much as 300% in 2024.
Here are some developments that could factor in Dogecoin’s price rally.
2 Increased On-Chain Activity
Analysts have noted a promising increase in Dogecoin’s on-chain activity, signaling growing user engagement and network strength.
According to independent trader and analyst Ali, new addresses holding DOGE increased by 1,100% over the last week of January.
“On January 29 alone, a record-breaking 247,240 new DOGE addresses were created, marking an all-time high. A sustained uptrend in network expansion could soon reflect positively on DOGE prices,”
he posted on X (formerly Twitter), sharing data from IntoTheBlock.
Such foundational growth lays the groundwork for potential upward movements in Dogecoin price. Increased network activity often precedes price rallies.
2 Growing Real-World Utility
Several cryptocurrencies are currently competing for space in the crowded market. While some are scams and rug-pull projects, others hope to survive in the long run.
However, for any crypto token to remain viable, it must offer utility to holders. Dogecoin has already forged partnerships within several industries and continues to expand its utility.
Beyond the cryptocurrency sphere, DOGE has been adopted by major companies such as Newegg, AMC Theaters, and the Dallas Mavericks. Elon Musk’s electric manufacturing company, Tesla, also accepts DOGE for merchandise purchases.
Furthermore, SpaceX’s DOGE-1 Mission to the Moon, funded entirely with Dogecoin, exemplifies the coin’s increasing credibility and utility.
Recently, the X Payment handle appeared on the social media channel. This sparked speculations that DOGE will soon find utility on X (Twitter), too.
3 Dogecoin price can surge thanks to strong community support
The Dogecoin community, renowned for its loyalty and enthusiasm, remains crucial in its potential surge.
Despite the recent dips in DOGE price and prolonged crypto winters earlier, fans of the token have continued to back the meme token.
At the time of writing, Dogecoin trades at $0.07845, according to the portfolio management app CoinStats. Although DOGE’s price remains 90% below its all-time high of $0.73 from May 8, 2021, its support remains unhinged.
Such efforts from the community, combined with high-profile endorsements, keep the interest in Dogecoin alive. This could lead to increased demand and higher DOGE prices.
4 Anticipated Bitcoin Halving Impact
The upcoming Bitcoin (BTC) halving in April 2024 is another factor that can broadly impact the crypto market. As a key player in the industry, Dogecoin will also feel its impact.
Historical trends suggest that halving events contribute to significant bull runs in the crypto space. The upcoming market surge and the subsequent altcoin season will see a DOGE price surge, making a 300% rise achievable.
Developments continue on DOGE
The Dogecoin community has been excited by the innovative uses of the blockchain. Recently, deploying the iconic 1993 game DOOM on the Dogecoin blockchain using Ordinals technology attracted massive attention.
This creative application showcases the blockchain’s potential for preserving digital assets and has contributed to the growing interest in Dogecoin.
Moreover, the recent surge in network activity coincided with introducing the DRC-20 token standard.
With many more meme tokens regularly entering the market, DOGE remains an investor favorite. For the above reasons, Dogecoin price can surge 300% in 2024.
