Cryptocurrency

2024

Dogecoin

Elon Musk

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 <p class="paragraph">With the prices of many assets in the cryptocurrency sector still moving a bit sluggishly, Dogecoin (DOGE) is no exception, and machine learning and artificial intelligence (AI) algorithms do not see much improvement for the famous dog-themed crypto asset by the end of this month.</p>
 <p class="paragraph">As it happens, the advanced analytics algorithms used by the crypto and stock monitoring platform <em>CoinCodex</em> to project future trends predict a slight decline for Dogecoin, setting its price at $0.0687 on February 29, 2024, according to the most recent information on February 7.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="344" src="https://cdn.thebittimes.com/images/2024/02/07/71ba666bea2d2a75a367a216f03846e4.webp" alt class="wp-image-153568" srcset="https://cdn.thebittimes.com/images/2024/02/07/71ba666bea2d2a75a367a216f03846e4.webp 1024w, https://cdn.thebittimes.com/images/2024/02/07/71ba666bea2d2a75a367a216f03846e4.webp 300w, https://cdn.thebittimes.com/images/2024/02/07/71ba666bea2d2a75a367a216f03846e4.webp 768w, https://cdn.thebittimes.com/images/2024/02/07/71ba666bea2d2a75a367a216f03846e4.webp 1437w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Dogecoin 1-month price prediction. Source: </em><em>CoinCodex</em>
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 </figure>
 <p class="paragraph">More specifically, the above forecast – which CoinCodex’s machine <a rel="noopener noreferrer nofollow" title="algorithm" href="https://thebittimes.com/tag/algorithm.html">algorithm</a> based on the crypto asset’s historical <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> dataset and other related factors – sees the <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> of Dogecoin as 12.37% lower from where it stood at press time, provided this prediction materializes.</p>
 <h2 class="wp-block-heading" id="h-bullish-hints">Bullish hints</h2>
 <p class="paragraph">On the other hand, despite the bearish prognosis and static <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action, Dogecoin is witnessing parabolic activity on its network, recording a growth in the number of crypto wallets holding DOGE at the fastest rate in its decade-long history, suggesting a possible bullish momentum in the making.</p>
 <figure class="wp-block-image"><img decoding="async" width="900" height="593" src="https://cdn.thebittimes.com/images/2024/02/07/482c6638ee1de78d7fd033e40b853916.webp" alt class="wp-image-153565" srcset="https://cdn.thebittimes.com/images/2024/02/07/482c6638ee1de78d7fd033e40b853916.webp 900w, https://cdn.thebittimes.com/images/2024/02/07/482c6638ee1de78d7fd033e40b853916.webp 300w, https://cdn.thebittimes.com/images/2024/02/07/482c6638ee1de78d7fd033e40b853916.webp 768w" sizes="(max-width: 900px) 100vw, 900px">
  <figcaption class="wp-element-caption"><em>DOGE network growth. Source: </em><em>Santiment</em>
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 <p class="paragraph">Moreover, the network has also observed a substantial increase in DOGE transactions in recent weeks, with the average weekly transaction amounting to around $593, indicating an intense and surging interest in Dogecoin despite the current obstacles in its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a> action.</p>
 <h2 class="wp-block-heading" id="h-dogecoin-price-analysis">Dogecoin price analysis</h2>
 <p class="paragraph">Meanwhile, Dogecoin was at press time trading at $0.0784, down 0.21% on the day, as well as losing 1.64% to its value across the previous week but nonetheless holding onto the 1.07% gain on its monthly chart, as per the latest data retrieved by Finbold.</p>
 <figure class="wp-block-image"><img loading="lazy" decoding="async" width="1200" height="800" src="https://cdn.thebittimes.com/images/2024/02/07/7d3dbe61af0240f0965b04212fd82c0d.webp" alt class="wp-image-153567" srcset="https://cdn.thebittimes.com/images/2024/02/07/7d3dbe61af0240f0965b04212fd82c0d.webp 1200w, https://cdn.thebittimes.com/images/2024/02/07/7d3dbe61af0240f0965b04212fd82c0d.webp 300w, https://cdn.thebittimes.com/images/2024/02/07/7d3dbe61af0240f0965b04212fd82c0d.webp 1024w, https://cdn.thebittimes.com/images/2024/02/07/7d3dbe61af0240f0965b04212fd82c0d.webp 768w" sizes="(max-width: 1200px) 100vw, 1200px">
  <figcaption class="wp-element-caption"><em>Dogecoin 7-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">All things considered, DOGE could, indeed, continue its decline toward the price range predicted by the machine and AI algorithms, especially when taking into account the recent statement by the ecosystem’s developer Timothy Stebbing, who said that it has run into technical difficulties.</p>
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Dogecoin is currently sick. We're being contacted by a number of exchanges saying Dogecoin is jammed/unresponsive etc. We know the issue is inscriptions clogging the network, and devs across the board, core, fdn, etc are now putting their heads together on various ideas from…</p>— Timothy Stebbing (@tjstebbing) February 6, 2024
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 <p class="paragraph">However, things in this sector can often change on a whim, and the popular digital asset favored by Tesla (NASDAQ: TSLA) CEO Elon Musk could end the month by turning the tables on its <a rel="noopener noreferrer nofollow" title="price" href="https://thebittimes.com/tag/price.html">price</a>, which is why it is important to keep up with the industry news and carry out one’s own research before investing.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/machine-learning-algorithm-sets-dogecoin-price-for-february-29-2024-tbt79128.html">https://thebittimes.com/machine-learning-algorithm-sets-dogecoin-price-for-february-29-2024-tbt79128.html</a></p>

Machine learning algorithm sets Dogecoin price for February 29, 2024

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