Dogecoin soaring in FOMO: DOGE to $1!
FOMO sentiment towards Dogecoin suggests that Dogecoin could fall again before the rally continues.
Dogecoin RSI, has been rebounding from the oversold area on the 4-hour chart.
This period, known as "excessive retail traders," historically means that Dogecoin could soon face price declines again, as it did in May 2024, January 2023, and May 2021.
Market analysts interpret this surge in activity as FOMO (fear of missing out), which could lead to a big sell-off, manipulation to eliminate players who enter the market later.
However, this potential drop could set the stage for a big rally and could even push DOGE to new highs. Analysts note that such cycles are common in highly volatile, meme-driven markets, and that emotional trading can lead to rapid price changes. The current retail frenzy shows a strong interest in Dogecoin, which sets the stage for major market trends in the near future.
Number of transactions on all exchanges
Dogecoin also set a new record for total trading volume across all exchanges, hitting an all-time high in November 2024. The surge in trading activity reflects growing interest in meme cryptocurrencies, surpassing its peak in early 2021 and mid-2023.
The surge in trading volume coincided with a period of increased price volatility, indicating increased participation. As the frequency of trading surges, the price of DOGE also shows obvious volatility.
The trend was particularly pronounced in November, when the number of transactions in the spot and futures markets rose sharply, highlighting the active participation of traders around the world. The landmark dogecoin transaction shows renewed enthusiasm in the crypto community, with the potential to give dogecoin more attention and investment.
Driven by the underlying community support and widespread media coverage, cryptocurrencies continue to attract a diverse audience, leading to a volatile and compelling market performance.
DOGE, the price forecast
1. Optimistic forecasts
As the cryptocurrency market continues to grow, the demand for Dogecoin is expected to increase. Some analyses suggest that DOGE could break through $1 in 2024. According to CoinMarketCap data, the asset is currently trading at $0. [] $40,418, although it is still a certain gap from $1, there is the possibility that it will rise to $1 or even higher with the development of the market.
Celebrity recognition is also an important factor in driving up the price of doggie coins. Public support for Dogecoin by celebrities such as Elon Musk could drive its demand. Tesla CEO Elon Musk, a billionaire known as a "tech maniac," who is the godfather of Dogecoin, whose public support and frequent interaction with Dogecoin has undoubtedly given a boost to the currency.
2. To make conservative predictions
Some analysts are more conservative, predicting that doggie money will remain low. The expected price for 2024 is difficult to predict accurately, but it could be between $0. [] 6 and $0. [] 45. Given the uncertainty of the cryptocurrency market and the characteristics of Dogecoin itself, conservative predictions are reasonable. The supply of canecoin is unlimited, and this unlimited inflation may curb long-term price increases compared with the capped money in circulation.
While Dogecoin has some advantages in some areas, such as strong community cohesion, more catalysts are needed to achieve the price surge up to $1. So a conservative prediction is that doggie coins will remain low.
Conclusion
Whether dogecoin will reach the dollar by the end of 2024 is not certain and depends on a combination of factors. From the current situation, the possibility that Dogecoin will reach $1 by the end of 2024 is uncertain.