The most recent rise is in line with Bitcoin’s brief ascent to above $64,000 before it fell to its present $61,740 value. Dogecoin is now the ninth-largest cryptocurrency with a market worth of $18 billion thanks to its remarkable rise over the last 24 hours.
The value of Dogecoin, the first digital currency inspired by memes, increased by over 31% the day before, hitting a price of $0.1264, an uncommon occurrence that was recorded in 2024. According to the most current CoinMarketCap data, the original meme coin has increased in value by 31% as of right now.
The main query that emerges is: Will DOGE hit $1 in 2024? Changelly analysts estimate that DOGE might reach this benchmark by 2030. From a 24-hour low of $0.09477, DOGE has risen to a value that is currently above $0.12. It’s possible that the meme coin fever has started because other meme coins have seen notable increases.
Still, there is a robust online community surrounding the original meme coin, and Elon Musk supports DOGE as his favorite cryptocurrency. If Musk chooses to include DOGE into X, the asset’s value may increase because of its increased usefulness. Whether DOGE can hit $1 in 2024 will also be greatly influenced by the state of the market as a whole.
80 Million Dogecoin (DOGE) Moved to Major Exchange
80,134,653 Dogecoin (DOGE), worth approximately $7.91 million, was moved from an unidentified wallet to the well-known cryptocurrency exchange Binance in a notable cryptocurrency transaction. Whale Alert, a popular service that keeps track of important bitcoin transactions, alerted users to this transaction.
For a number of reasons, the movement of this significant amount of Dogecoin to Binance is noteworthy and deserves more investigation. First off, because of the sheer volume of coins involved, transactions of this size by whales, or speculators holding large amounts of bitcoin, can have a big impact on the market. Increased liquidity on the exchange may result from this, making it easier for other investors to acquire or sell substantial amounts of Dogecoin.
Given the state of the market, it appears that traders are taking positions that might be used as a hedge against or as a speculation on potential future price swings for DOGE. This suggests an increasing interest in forecasting the behavior of the bitcoin market in the future.