As we enter 2024, the cryptocurrency market is still very interesting and has the potential to change a lot. One particular digital currency, Dogecoin, which started as a joke, is liked by many investors and fans. Let’s see what might happen to Dogecoin this year by looking at some predictions and the current market information. Let’s take a look at this Dogecoin price prediction article in more detail.

How has the DOGE price moved in recent days?

As of now, the price of Dogecoin is $0.083433, and it has had a trading volume of $1.64 billion in the last 24 hours. The market cap of Dogecoin is $11.91 billion, and its market dominance is 0.73%. In the past day, the price of Dogecoin decreased by 4.25%.

The highest price Dogecoin ever reached was on May 8, 2021, at $0.738595, while its lowest price was on May 7, 2015, at $0.00008547. After reaching its all-time high, the lowest price dropped to $0.049701 (cycle low), and the highest price since then was $0.156883 (cycle high). Currently, the sentiment for Dogecoin’s price prediction is neutral, and the Fear & Greed Index shows a value of 55, indicating greed.

The total circulating supply of Dogecoin is 142.75 billion DOGE. The yearly supply inflation rate is 7.60%, resulting in the creation of 10.08 billion DOGE in the last year. In terms of market cap ranking, Dogecoin is positioned at #2 in the Proof-of-Work Coins sector, #1 in the Meme Coins sector, and #7 in the Layer 1 sector.

Why is the DOGE Price fluctuating?

Dogecoin’s price went up, and it seems connected to what Elon Musk’s company X is doing. They’ve introduced something called the “Payments” account, which is a big step in X’s plan to bring new ideas to the financial technology world. This move is all about making digital transactions easier and better, with a focus on creating payment solutions that are easy for users and also very safe.

Although the exact information about how cryptocurrencies will be included in X’s “Payments” account is not known yet, the fact that Dogecoin’s price went up right after this announcement has sparked curiosity and discussion among investors and analysts. 

This is especially interesting because Elon Musk has a history of supporting Dogecoin, even more than other well-known cryptocurrencies like Bitcoin. Given Musk’s influence in the cryptocurrency world and his connection to X, many people are speculating that Dogecoin could have a role in this new payment system.

As mentioned above, the price of Dogecoin is $0.083333. Over the past 24 hours, it had a trading volume of $1.63 billion, and its market cap is $11.90 billion, representing 0.73% of the total cryptocurrency market. Yet, in the last 24 hours, the price of Dogecoin has decreased by 4.46%.

Dogecoin Price Prediction: Is DOGE Set to explode?

Despite Dogecoin (DOGE) currently trading above the 200-day simple moving average and maintaining high liquidity, as indicated by its substantial market capitalization, its performance metrics present a mixed picture. Over the past year, the DOGE price has experienced a decline of -2%, showcasing a lackluster trend. 

Furthermore, DOGE has been outperformed by 73% of the top 100 cryptocurrencies during this period, indicating a relative underperformance within the broader market. 

Notably, both Bitcoin and Ethereum have outshone Dogecoin, contributing to its lower comparative standing. The limited number of positive price movements, with only 13 green days in the last 30 days, highlights a prevailing bearish sentiment. 

Additionally, Dogecoin is currently down -89% from its all-time high, suggesting a significant retracement. The yearly inflation rate of 7.60% introduces an element of supply-side pressure that could impact the coin’s value over time. 

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The dominoes continue falling for Terraform Labs in the wake of 2022’s stablecoin collapse. The firm behind the failed TerraUSD (UST) token has now filed for Chapter 11 bankruptcy protection as liabilities stemming from the fiasco swell past $500 million.

In a Saturday court filing, Terraform Labs voluntarily initiated Chapter 11 proceedings, citing potential debts and assets totaling between $100 million and $500 million. The bankruptcy bid comes as the company faces mounting legal threats over allegations of fraud behind the UST scheme.

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“We have overcome significant challenges before and…look forward to the successful resolution of the outstanding legal proceedings,” stated Terraform CEO Chris Amani.

However, with Terraform Labs co-founder Do Kwon facing charges both in South Korea and the United States, the road to resolving costly lawsuits remains filled with obstacles.

Terraform Labs’ Do Kwon faces mounting pressure

The U.S. Securities and Exchange Commission recently agreed to delay civil fraud proceedings against Kwon to give his legal team more time to prepare arguments. However, the March court date looms as another peril for the Terra ecosystem founder.

South Korean authorities are pursuing a sentence of up to 40 years for Kwon, alleging his involvement in defrauding local investors during the $40 billion collapse of UST.

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For now, Terraform Labs hopes Chapter 11 protections provide temporary relief from creditors while strengthening its position against lawsuits and claims. 

Founders like Kwon drew skepticism early on for failed efforts to revive LUNA and UST following last May’s devastating depegging. However, some community developers continue building third-party projects on the original Terra chain that lives on as Terra Classic.