This week, the cryptocurrency market experienced a dangerous conclusion, with Dogecoin (DOGE) expected to rebound from a continued decline of 22% in December. This leading meme coin has not benefited much from the cryptocurrency bull run that started in November. However, on Thursday, the market crashed, and Dogecoin also found itself in trouble.
The overall value of many assets has significantly decreased. In fact, over $1.1 billion was liquidated in the cryptocurrency market in the past 24 hours. Tokens like Ripple (XRP), Solana (SOL), and Chainlink (LINK) have experienced significant pullbacks. Now, everyone is focused on how they will rebound. For Dogecoin, this was entirely predictable to happen soon.
Dogecoin has fallen alongside the cryptocurrency market: When do experts predict it will make a comeback?
At the beginning of November, the cryptocurrency market experienced a massive bull run. The outcome of the 2024 presidential election played a role, and the new government is expected to introduce favorable regulatory measures. By early December, Bitcoin is expected to reach six figures for the first time.
However, in the ongoing bearish reversal, this surge peaked this week. A large number of assets have dropped, with values plummeting across the board. Dogecoin is one of the hardest-hit currencies, and although Dogecoin is expected to rebound from December's decline, when will it rebound?
According to CoinMarketCap data, Dogecoin has fallen over 22.7% in the past 30 days. Considering that it has dropped over 18% in the past 24 hours and 23% in the past week, with the current trading price at $0.318, the situation is even more concerning.
However, Dogecoin has still risen over 252% this year and is expected to make a full recovery. Moreover, this could happen much sooner than anyone expects. Dogecoin has long been favored by Elon Musk, so it may surge in January. Specifically, this is due to the relationship between the Tesla CEO and the elected U.S. President Donald Trump.
According to data from the cryptocurrency price prediction platform CoinCodex, Dogecoin is expected to continue falling to a peak of $0.28 in January 2025. However, a significant change is anticipated thereafter. Just a month later, Dogecoin is expected to reach a monthly peak of $0.66.
The platform then predicts that the token will reach a peak of $1.21 in March. This increase would be a 284% rise from the current level, placing it in a favorable position for thriving over the next year.