Dogecoin DOGE/USD hit new yearly highs recently as the overall cryptocurrency sector has traded higher since Donald Trump won the 2024 presidential election.
A new Benzinga poll asks readers if Dogecoin will trade closer to levels seen before the election or all-time highs set back in 2021.
What Happened: Dogecoin traded between 15 cents and 18 cents on Nov. 5, the day of the U.S. presidential election. Like many cryptocurrencies, Dogecoin gained in the days and weeks after Trump's victory.
Helped by Trump's victory, optimism for a pro-crypto White House administration and the appointment of Dogecoin supporter Elon Musk as head of the Department of Government Efficiency, or D.O.G.E. for short, the meme cryptocurrency hit new yearly highs in November and December.
Benzinga recently asked if the recent momentum in Dogecoin and future optimism would see Dogecoin more likely to trade closer to an all-time high of $0.7376 set in May 2021 or back to the $0.25 level last seen on Nov. 10 shortly after the election.
"Which level is Dogecoin more likely to reach next: 69 cents or 25 cents?" Benzinga asked.
The results were:
- 69 Cents: 78%
- 25 Cents: 22%
The poll found over three-fourths of readers predict Dogecoin is more likely to hit 69 cents before hitting 25 cents again.
This would suggest that Dogecoin has more gains ahead and would set new 52-week highs and get close to all-time highs.
The last time Dogecoin hit 69 cents was on May 9, 2021, the day after the all-time high was set. Dogecoin traded at 69 cents or higher on four occasions in May 2021.
Dogecoin has traded between $0.07497 and $0.4835 over the [ast year, with the high set in early December.
Read Also: If You Invested $100 In Dogecoin When The Meme Coin Launched, Here’s How Much You’d Have Today
Why It's Important: Recent polls have shown continued optimism for Dogecoin, which is one of the 10 most valuable cryptocurrencies by market capitalization.
A recent November Benzinga poll asked what Dogecoin's highest price by the end of 2024 would be.
The results were:
- 42 cents: 10%
- 69 cents: 24%
- New All-Time Highs (73.77 cents): 18%
- $1.00: 17%
- None of the above: 31%
The highest percentage of readers thought that none of the price targets would be reached by Dogecoin. The next highest result was 69 cents, which would take Dogecoin close to all-time highs and a memeable number before year-end.
Only 18% of readers think that Dogecoin will reach all-time highs before the end of the year, and a lower percentage (17%) believe Dogecoin will hit a price of $1.
A December poll asked if any of the top cryptocurrencies could outperform fast-moving XRP in 2025. The possible answers were Bitcoin, Solana, Dogecoin, Ethereum, Shiba Inu, Hedera or none of the above, meaning XRP would be the top gainer in 2025.
Dogecoin ranked fourth in the poll at 13%, with Bitcoin won the poll at 28%, followed by None of the Above at 24% and Solana at 15%.
DOGE Price Action: Dogecoin trades at $0.3205 at the time of writing, down 11% over the last 24 hours and down 17% over the past month. Despite the recent drop in price, the price of Dogecoin is up over 240% year-to-date in 2024.
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The study was conducted by Benzinga from Dec. 11 through Dec. 12, 2024, and included the responses of a diverse population of adults 18 or older. Opting into the survey was completely voluntary, with no incentives offered to potential respondents. The study reflects results from 123 adults.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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