Dogecoin’s May 2024 price prediction – Look out for these price targets!
  • Due to lower volume compared to historical peaks, DOGE could end up trading between $0.18 and $0.22.
  • The performance of other meme coins may ensure that the price trend remains conservative.

dogecoin [DOGE] Its value has decreased by 16.27% in the last 30 days alone. However, as May approaches, history may be kinder to the coin and help it recover some of its losses.

For the past few years, DOGE price has been known to record a positive return in the fifth month. For example, in May 2021, Dogecoin rose from $0.33 to over $0.52 in one month.

Prior to that, 2017 and 2019 were years when cryptocurrencies recorded similar performance. In 2022, memecoins were unable to do the same as bearish periods crept in — Terra Luna in particular. [LUNA] Crash period.

Last year, DOGE prices remained strong throughout May as the market was just recovering. So the question is, what can we expect from Dogecoin in May 2024?

It’s not close

One thing AMBCrypto should mention is that there can be differences.This is because Bitcoin [BTC] The half-life was only a few weeks ago. After the previous halving, Dogecoin did not start making any major moves until February 2021.

It was seven months after a four-year event. If meme coins do something like this again, there may not be a significant rally next month. Instead, altcoins may wait until November before starting the kind of incredible moves they saw in 2021.

However, you cannot judge price trends based on history alone. That’s why it’s worth evaluating its on-chain potential. For this part, AMBCrypto compared the volumes.

What was the volume when the Dogecoin rally started in 2021? over $6 billion. At its peak, the coin’s volume exceeded $42 billion.

Dogecoin has low trading volume and is showing unimpressive price movements

Source: Santiment

The battle for meme coins may continue

At the time of writing, DOGE’s trading volume was just $958.76 million. This means that the interest in tokens was nowhere near what it was at the time. However, that doesn’t take anything away from the coin.

If cryptocurrencies start a bull market next month, volume will need to be at least three to five times its current value. If we don’t, May could be a month of slow gains or flatness.

Realistically speaking, DOGE may not be able to produce that kind of performance, and it’s easy to see why. In the last bull cycle, there weren’t as many meme coins sharing liquidity with Dogecoin as there are now. Therefore, the price of meme coins may increase. Sadly, the target in a very bullish scenario could remain between $0.18 and $0.22.

Still, despite conservative price predictions, Dogecoin is likely to remain a cryptocurrency with great potential this cycle.

Is your portfolio green? Check out Dogecoin’s profit calculator

If broader market conditions move out of the consolidation phase and into a bullish zone, DOGE could move above $0.50 in the medium term. However, this is not a prediction that traders hope to achieve within a few weeks.

Related Article


Leave a Comment