Dogecoin (DOGE) skyrockets 16% daily as analysts set 1 target

TL:DR;

After a sharp correction, Dogecoin recovered by posting double-digit gains, taking it to multi-week highs. The asset closed the gap to $0.4, but analysts continue to target $1 during this bull cycle.

Soon after Donald Trump won the US elections in early November, DOGE's value became ambiguous due to Elon Musk's role in the new administration and his big story and support for the big meme coin.

The asset rose by triple digits in weeks and reached about $0.50. However, it began to lose strength in December and fell sharply during the mid-month correction. Dogecoin dropped from $0.41 to $0.26 in just a few days.

It reacted well after this high drop and immediately pushed to $0.35. However, it failed to rally further and remained in a tight range for weeks at $0.31 and $0.34.

In the past few days, however, the landscape has changed for the entire market. The situation around DOGE became promising due to the large number of coins accumulated by Whale during this phase of correction and consolidation.

So, it didn't take long for the OG meme coin to increase in value. In just the 24-hour measure, DOGE has increased by 16% and is now trading well above $0.39 after breaking above the $0.34 resistance. It has increased by 25% on a weekly basis and is close to $0.4.

Analysts used this opportunity to double their forecasts for the asset, which has yet to be achieved. However, DOGE would need to more than double its current valuation to hit such a lofty price target.

Nevertheless, it will be interesting to monitor Dogecoin's performance in the coming weeks, especially after Trump's inauguration on January 20th and Musk's DOGE unit.

This is $doge on btc.

Target $1

During 2015-2017 I doubled my bitcoin wallet by buying the doge low – waiting and selling to at least double the price.

Grox tells me that Doge has outperformed Bitcoin on 48 occasions (36%) in 133 months. I'm crazy about some… pic.twitter.com/lRKbOZK6pQ

— Tutor (@cryptotutor) January 3, 2025