This is quite a surprising turnaround for the asset class, as Dogecoin has recently continued to decline by 19%, and traders are pondering whether Dogecoin can still reach the $1 target in 2025. The leading meme coin has been falling alongside the broader market, with the holidays leading to significant adjustments.
However, this has not stopped many from harboring hopes for asset classes as we enter the new year. In fact, with the elected U.S. President Donald Trump set to take office in January, it is likely to trigger positive performance across the cryptocurrency market. There is reason to believe that Dogecoin could be one of the best-performing tokens.
Is the dream of DOGE rising to $1 still alive? Why should Dogecoin not be hindered by the recent decline?
The holidays have brought a series of dilemmas for cryptocurrency holders. Multiple assets have fallen, with millions of assets being liquidated in the week before Christmas. However, this has not impacted what has been an extraordinary year for this asset class.
Moreover, it should not dampen people's excitement for a potentially more prosperous year ahead. Although traders have expressed their concerns, there is reason to believe that the recent decline will not carry over into future situations. Dogecoin is a prime example of this potential growth, as its continued 19% drop is unlikely to prevent it from realizing its $1 dream in 2025.
Regardless, Dogecoin has been struggling throughout December. According to data from CoinMarketCap, Dogecoin has fallen more than 19.1% in the past 30 days. As of last week, the decline exceeded 3.6%. Even in the past 24 hours, this leading meme coin has also dropped by 4.9%, currently priced at $0.313.
However, we still have reasons to remain optimistic. The main reason is the significant growth momentum in Dogecoin's price in the past: Elon Musk. The Tesla CEO is the head of the Dogecoin committee for the incoming President Donald Trump. This committee is an agency set up for government funding and shares its name with the cryptocurrency that the 'father of Dogecoin' himself often highly praises.
The Musk effect will always be a real phenomenon for Dogecoin. However, it should achieve unprecedented results in the coming year. Despite rising 250% this year, 2025 could be even better. The cryptocurrency price prediction platform CoinCodex expects DOGE to reach its annual high as early as March. Specifically, they note that the price of this meme token could approach $1.1, a 245% increase from its current price.