The
meme-driven cryptocurrency Dogecoin (DOGE) has surged nearly fourfold over the
past two months. Although it is currently undergoing a corrective pullback,
this remarkable rally has prompted investors to wonder how high Dogecoin’s
price could climb.
At present,
the psychological barrier appears to be the $1 mark. However, according to one
expert, DOGE is on a solid trajectory to reach $1.50 within the next four weeks
and potentially $10 by 2025.
As of
Wednesday, December 11, 2024, Dogecoin is trading at $0.4 per token. The
cryptocurrency is battling this local support level for the third consecutive
session, despite testing monthly lows.
What is the current price of the Dogecoin token? Source: TradingView
Dogecoin
currently ranks seventh among the largest cryptocurrencies by market
capitalization, at $59 billion, significantly below sixth-placed BNB’s nearly
$100 billion. However, in terms of daily volume, Dogecoin substantially
outperforms BNB with $9.6 billion in 24-hour trading volume, also exceeding
fifth-ranked Solana’s $7.8 billion.
Dogecoin market cap. Source: CoinMarketCap
Leveraged
position liquidation data also shows continued downward pressure. In the past
24 hours, $514 million in leveraged positions were liquidated, with $373
million in longs. While Ethereum ($90 million) and Bitcoin ($70 million) led
the liquidations, Dogecoin accounted for approximately $27 million, with $20
million in long positions1.
Despite the current weakness of the cryptocurrency market, Dogecoin has dominated 2024 with a 350% gain, nearly triple
Bitcoin
