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

TL:DR;

• After the severe correction, Dogecoin has awakened by posting a double-digit surge, which drove it to a multi-week peak.
• The asset has closed down 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 elections at the start of November, DOGE’s price went on a wild run due to Elon Musk’s upcoming role under the new administration and his rich history and support for the largest meme coin.

The asset skyrocketed by triple digits within weeks and peaked at almost $0.5. However, it started to lose traction in December and plunged hard during the mid-month correction. In a matter of days, Dogecoin dumped from over $0.41 to $0.26.

It reacted well after this substantial decline and pushed to $0.35 almost immediately. However, it failed to rally further and remained in a tight range of $0.31 and $0.34 for weeks.

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The landscape changed, though, for the entire market in the past few days. The situation around DOGE became particularly promising due to the larger number of coins accumulated by whales during this correction and consolidation phase.

As such, it didn’t take long for the OG meme coin to surge in value. On a 24-hour scale alone, DOGE has shot up by 16% and now trades well above $0.39 after breaking above the $0.34 resistance. It’s up by 25% on a weekly scale and sits close to $0.4.

Analysts have used this opportunity to double down on their $1 prediction for the asset, which is yet to be reached. Nevertheless, DOGE would need to more than double its current valuation to tap such a high price target.

Nevertheless, it would be interesting to track Dogecoin’s performance in the following weeks, especially after Trump’s inauguration on January 20 and Musk’s D.O.G.E. department.

This is $doge against btc

Target $1

In the period 2015-2017 I doubled my bitcoin bags by buying doge low – waiting and selling it at least double the price.

Groks tells me that in the 133 months Doge outperformed Bitcoin in 48 instances (36%). I’m betting on some crazy… pic.twitter.com/lRKbOZK6pQ

— Tutor (@cryptotutor) January 3, 2025