According to CryptoPotato, Dogecoin's recent jump above $0.20 has sparked speculation about its potential to reach $1 in 2024, with multiple factors being crucial for its future value movement. Shiba Inu (SHIB) has seen a 200% increase in price over a month, raising questions about its ability to surpass Dogecoin. The largest meme coin, Dogecoin (DOGE), has been on a roll lately, with its price jumping by 30% in the past week and exceeding $0.20. ChatGPT, a popular AI-powered chatbot, did not rule out the possibility of Dogecoin reaching the $1 milestone, estimating that it depends on a variety of factors, with the main one being market adoption.
If Dogecoin continues to expand its use cases and gains wider adoption as a payment method or for other services, this could positively impact its price. Earlier this month, Tesla's CEO Elon Musk revealed that the EV giant might accept DOGE as a payment method "at some point." Musk has endorsed the meme coin countless times in the last few years, triggering substantial price rallies on most occasions. Continued support by Musk or prominent companies could drive the price up, according to ChatGPT. Favorable crypto market trends, technological developments, regulatory environment, investor sentiment, and economic conditions might also positively impact Dogecoin's value in the future.
Another meme coin that has made waves recently is Shiba Inu (SHIB). The asset's price has exploded by over 200% on a monthly scale, with its market cap briefly increasing above a whopping $25 billion. ChatGPT estimated that the possibility of SHIB flipping DOGE this year depends on the further development of the Shiba Inu community. As CryptoPotato reported, SHIB has the strongest base among all meme coins, followed by Dogecoin and Pepe Coin. Technological advancements related to the layer-2 scaling solution Shibarium could play a role, too. The network, launched in August last year, has completed several strategic milestones in the past several months, with total transactions surpassing the 400 million mark.