Is it the right time to buy DOGE coin? Crypto analyst CryptoCheck predicts an 800 percent rally for
DOGE price prediction: Crypto assets have started to pull back after a rally following the approval of the stop Bitcoin ETF. The DOGE price, which showed modest movement in this period compared to other major crypto assets and meme coins, remained stable. Although the prominent assets in the altcoin sector increased by 12 to 20 percent, especially after the ETF approval, meme coin had a very stable period. DOGE price showed a growth of 2 percent on a daily basis. It experienced a 40 percent decrease in trading volume in the last 24 hours, dropping to $341,509,919 in the last day. This decline in trading volume indicates that Doge coin is facing potential difficulties.
Elon Musk brings new uses to DOGE In an X post last year, Elon Musk announced his long-term plans to make an application where the DOGE coin will serve as a payment platform. Notable developments, such as Elon Musk's launch of X's peer-to-peer payment platform in 2024, have raised expectations that Dogecoin could play a significant role in this initiative. Additionally, Tesla's announcement that payments for its supercharging station in Hollywood will be accepted as DOGE coin created excitement among investors.
Analyst CryptoCheck: “DOGE price may rise 800 percent!” CryptoCheck's analyst predicts a significant increase of approximately 800 percent for the Dogecoin price. He emphasized the growth potential of this asset, which was released as a joke before his opinion. It also reminds us that behind the digital asset's growth rate is Musk's support and the community that continues to support the meme asset's development. With this post, Dogecoin's MVRV ratio increased above 1. This value shows how much of the current price of a digital asset is taken from the average price of each token. A value above 1 indicates that investors purchased the meme coin when its market value was low. Finally, CryptoCheck acted cautiously in the short term, stating that there is a downward trend and that the price should form support before a continuous upward movement. Considering technical analysis, this year will be active for the cryptocurrency market, indicating that optimism about the rising potential of the meme coin is strong. In addition, the expectations of the digital asset, Elon Musk's support and moves to expand its use will have an impact on the DOGE price.
