Dogecoin (DOGE) Price Prediction 2024-25: Will DOGE Hit $1 This Year?

Dogecoin kicked off Q1 2024 with a solid run, but it has since given up almost all of its year-to-date gains. This, despite this year proving to be

Dogecoin [DOGE] began 2024 on a high note with a solid run. However, the meme coin quickly gave up nearly all of its year-to-date gains. This was despite the year being largely favorable for the memecoin segment.

However, the latest data indicated that social sentiment was beginning to rally behind the king of the memecoins once again.

Dogecoin’s social activity has been increasing, as reported by LunarCrush. The analysis placed its social metrics on par with major coins like Bitcoin, Ethereum, and Solana. This activity suggested that DOGE proponents might be attempting to drum up support around the memecoin.

The uptick in Dogecoin’s social metrics was observed at an opportune time, considering the cryptocurrency’s discounted levels from its YTD highs. For instance, Its $0.097 press time price was at a 57.25% discount from its 2024 peak. Additionally, it has been confined within a wedge pattern, with the same now approaching a pattern break zone too.

The confluence between price level and surging social sentiment suggested that Dogecoin might benefit from liquidity inflows. However, this did not inherently guarantee a rally. In fact, the price may still extend its downside in case of further confidence erosion.

Assessing Dogecoin’s bullish confidence and holdings

On-chain analysis revealed a substantial presence of short positions within the current price range. There were over 2 million shorts in the last 24 hours as price slid from a weekly resistance near the $0.099-level.

Despite the presence of shorts, however, net long positions were higher at the same level. The number of net longs peaked at $4.16 million at the same $0.099 level. This confirmed that the recent price lows have been attracting more bullish confidence.

Nonetheless, the presence of shorts still highlighted the possibility that price could dip lower.

DOGE’s discounted price over the last few months was likely to attract more accumulation. Furthermore, Dogecoin’s ownership statistics confirmed a surge in ownership activity in the last 4 weeks.

For instance, whales held 64.47 billion DOGE (41.49%) on 5 August. Exactly one month later and the supply held by whales went up to 65.39 billion (41.73%).

Retail traders have also been accumulating. For instance, they held 58.44 billion DOGE (37.7%) on 5 August. Their holdings have since grown to 59.24 billion (37.8%).

On the contrary, the investor class (institutions) slashed their holdings. Investors held 32.51 billion coins on 5 August, which dropped to 32.08 billion DOGE a month later.

These ownership stats confirmed that Dogecoin whales and retail have been accumulating, albeit moderately. It will be interesting to see how improving social sentiments will influence Dogecoin’s demand in the next few days and weeks.

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