Dogecoin’s Journey to $1: Can the Memecoin Make it in 2024?

• Dogecoin is expected to move to a higher height as ChatGPT assesses the future of the meme coin.

• National Telecommunications and Information Administration (NTIA) reportedly approved the DOGE-funded SpaceX Doge-1 Moon Mission. 

Dogecoin (DOGE) still exists as the biggest meme coin with a market cap of $13,055,776,333. As of press time, the asset was trading at $0.091468 after declining by 2.7% in the last 24 hours. Unlike most of the leading digital assets, Dogecoin has a 6% negative return on investment as the meme coin records a bearish score of 18/100. Interestingly, the market could take a sudden turn to bullish sentiment as the National Telecommunications and Information Administration (NTIA) approves the DOGE-funded SpaceX Doge-1 Moon Mission.

This was followed by approval from the Federal Communications Commission for the launch of the DOGE-1 Moon Mission on January 12, 2024.  According to Doge Norway, the expedition was paid for in Doge and this makes it the first meme and first crypto in space. 

DOGE-1 satellite was announced by Geometric Energy in May 2021 as the payload of a SpaceX Falcon 9 rocket. 

Elon Musk earlier disclosed that his spacecraft engineering firm would unveil the Dogecoin-themed voyage mission to the moon in Q1 2022. The question of whether this groundbreaking development could have a huge impact on the Dogecoin price was answered by the AI companion ChatGPT. 

According to the answer by the AI companion, the DOGE-1 satellite would certainly push the asset up the price curve. This is the first of its kind in the crypto industry and could get the support of the entire ecosystem which could reflect in its price. 

ChatGPT Assesses the Future of Dogecoin

The classic version of ChatGPT listed several factors that could influence the price of Dogecoin and it includes real-world use cases, market sentiment, ability to adapt, etc. The Jailbreak version also stated that the meme coin is on the way to becoming a cryptocurrency of the future considering the ever-growing community of supporters and the impressive developments in the pipeline. 

Dogecoin was massively patronized earlier this month, triggering a 20 percent surge in the first ten days of December. 

Dogecoin rose to fame when Tesla’s Elon Musk started tweeting about it. His endorsement made the asset which was created as a joke become the most popular coin in some states in the US. It can be recalled that Musk labeled Dogecoin as his favorite coin in 2019. His influence on the coin was evident in his acquisition of Twitter which saw the meme coin surging by more than 100 percent. This followed several reports that Dogecoin could be used as a currency of the platform. 

Recently, renowned crypto analyst Ali Martinez disclosed to have observed bearish signals using the TD Sequential model. According to him, a downward trend was formed as the price of the meme coin hit a key resistance level that disrupted its price. To him, the Dogecoin would trade around $0.085 or even $0.078 when selling pressure increases.

However, he expects the price to go past $0.11. According to a price prediction platform, Dogecoin could finish 2023 with a minimum price of $0.105473. On average, the price could hit $0.131842 before December 31 or even go as high as $0.15821.