Dogecoin (DOGE) continues to be affected by market volatility and news factors. The price is currently hovering around $0.106, which is significantly lower than its all-time high reached in 2021 ($0.73).
Dogecoin has seen growth in 2024, partly due to the overall rise of the cryptocurrency market and speculation surrounding Elon Musk's endorsement and the potential use of DOGE as a payment method for Tesla. However, Dogecoin's fundamental value remains questionable, as the coin lacks a clear utility function like other cryptocurrencies like Ethereum, leaving it dependent on community sentiment and speculation.
In the near term, forecasts show that the price of DOGE may remain stable, but significant growth in the short term is unlikely. If we consider the long-term prospects, some analysts expect growth to $0.30 in 2024, but note that this strongly depends on the overall state of the cryptocurrency market and possible news from Elon Musk.
As for the current situation, if you own Dogecoin, it may make sense to wait for further news and market signals. If interest in meme coins is renewed, the price may recover, but significant upward movements are not expected in the short term.
