The 2022 cryptocurrency market crash spared no one, including the meme coins. The OG meme cryptocurrency, Dogecoin [DOGE] saw a big drop despite Elon Musk’s big Twitter takeover. However, by 2023, wealth will have grown by more than 21%. The real question is whether this trend would continue given the consistent corrections the market has endured.
While the meme coin started January well, it might not end the month the same way. According to the community, the asset is expected to drop slightly on January 31, 2023.
CoinMarketCap has an option where individuals can vote and predict the price of cryptocurrencies. A large majority of them suggested that DOGE would most likely trade at $0.08135 by the end of the month. At the time of writing, Elon Musk’s cryptocurrency of choice stands at $0.08551. During the week, the asset posted gains of around 5.50%, which was quite less compared to its counterparts.
The community was somewhat bearish on Dogecoin. However, artificial intelligence systems did not reflect the same idea.
This is the price of Dogecoin on January 31, according to AI
Prominent machine algorithm platform, PricePredictions used multiple indicators such as the Relative Strength Index, Bollinger Bands, Moving Averages and Moving Average Convergence Divergence [MACD] to predict the price of Dogecoin. According to this AI, the price of DOGE could hang around the $0.086048 level on the last day of the month.
If this turns out to be true, Dogecoin holders could see profits in the coming week. Taking into account DOGE’s current price levels, approx 60% of holders were making money. Only 37% were not. The potential rise of Dogecoin could further increase these numbers.
In addition, other factors, such as a tweet from Elon Musk about DOGE, may also drive up the price of meme cryptocurrency.