Despite the extended bear market, Dogecoin (DOGE) has been able to keep its position among the 10-largest cryptocurrencies by market capitalization, with a total speculative value of $8.75 billion and an inflating circulating supply of 141.22 billion DOGE. However, the Dogecoin price forecast is still challenging for the end of 2023.
Even with a reported dilution of around 13.7% in the last three years, the leading memecoin and favorite cryptocurrency of the richest man on earth, Elon Musk, continues to offer an interesting opportunity for crypto traders and investors around the world.
As we approach the final quarter of the year, Finbold has turned to CoinCodex‘s AI-powered price prediction algorithms to gauge Dogecoin’s price trajectory by December 31, 2023, and January 31, 2024, especially given its current year-to-date gain of 2.5%.
In this line, artificial intelligence predicts the Dogecoin price to be at $0.058715 per DOGE, on December 31, 2023, slightly losing its value from current prices.
Nevertheless, the AI forecasts a trending reversal for next year, seeing DOGE’s price at $0.150189 by January 31, 2024. Representing gains of around 150% from the end of 2023’s forecast.
Dogecoin price analysis
At the time of publication, DOGE is changing hands for $0.06198, with discrete gains of 0.52% intraday. Additionally, the 24-hour exchange volume is close to $100 million, accounting for around 1.15% of Dogecoin’s market cap — representing a historically low volume for the cryptocurrency.
Notably, the Dogecoin price went through a high-volatile week, now recovering from meaningful losses, trading as low as $0.06089 per DOGE on September 26. This volatility offered interesting trading opportunities for day traders and swing traders amid the reported low liquidity moment the market is going through.
All things considered, the AI’s forecast can not be considered in a vacuum. The ability of Dogecoin’s price to meet the above prediction will deeply depend on further developments, news, and macroeconomics that are yet to come.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.