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ChatGPT Analyzes if Dogecoin (DOGE) Can Hit $1 in 2024

1 year ago CryptoExpert
ChatGPT Analyzes if Dogecoin (DOGE) Can Hit $1 in 2024

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TL;DR

Dogecoin’s jump above $0.20 has sparked speculation about its potential to reach $1 in 2024, with multiple factors being crucial for its future value movement.
Shiba Inu (SHIB) has seen a 200% increase in price over a month, raising questions about its ability to surpass Dogecoin.

What Are the Odds?

The largest meme coin – Dogecoin (DOGE) – has been on a roll lately, with its price jumping by 30% in the past week and exceeding $0.20. We asked ChatGPT whether the resurgence could continue throughout 2024 and if the $1 milestone is reachable.

The popular AI-powered chatbot did not rule out that possibility, estimating that it depends on a variety of factors, with the main one being market adoption.

“If Dogecoin continues to expand its use cases and gains wider adoption as a payment method or for other services, this could positively impact its price.”

Earlier this month, Tesla’s CEO Elon Musk revealed that the EV giant might accept DOGE as a payment method “at some point.”

Musk has endorsed the meme coin countless times in the last few years, triggering substantial price rallies on most occasions. 

“Continued support by Musk or prominent company could drive the price up,” ChatGPT stated.

Favorable crypto market trends were named by ChatGPT next. According to the chatbot, a bullish cycle prevailing in the entire sector might lift the prices of numerous meme coins, including DOGE. Some analysts believe the industry is yet to witness a real bull run due to the upcoming Bitcoin halving (scheduled for next month).

Other factors that might also positively impact Dogecoin’s value in the future include technological developments, regulatory environment, investor sentiment, and economic conditions.

Can SHIB Step on DOGE’s Throne?

Another meme coin that has made waves recently is Shiba Inu (SHIB). The asset’s price has exploded by over 200% on a monthly scale, with its market cap briefly increasing above a whopping $25 billion. 

Not long ago, we asked ChatGPT whether the token could flip DOGE this year. The chatbot estimated that such a scenario depends on the further development of the Shiba Inu community. As CryptoPotato reported, SHIB has the strongest base among all meme coins, followed by Dogecoin and Pepe Coin.

Technological advancements related to the layer-2 scaling solution Shibarium could play a role, too. The network, launched in August last year, has completed several strategic milestones in the past several months. Most recently, total transactions surpassed the 400 million mark.

Those willing to learn more about Shibarium’s purposes, please take a look at our dedicated video below:

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