Grok AI Forecasts Bullish Dogecoin Price for End of 2024
Grok AI, an advanced artificial intelligence (AI) model developed by xAI, a subsidiary of X (formerly Twitter), has made a bullish prediction for the price of Dogecoin (DOGE) by the end of 2024.
Grok’s Prediction
Grok AI expects Dogecoin to close the year in the most likely price range of $0.10 to $0.15. The AI has also set $0.34 as the most optimistic price, considering increased adoption as payment and mainstream interest. However, it also acknowledges the potential for a downfall to as low as $0.05, in the face of regulatory challenges and a bearish cryptocurrency market.
Grok’s Predictions on Other Cryptocurrencies
Grok AI has provided a bullish prediction for Solana, suggesting that its price could be between $125 and $150 by the end of 2024. Conversely, a bearish scenario could see Solana’s price ranging from $60 to $80.
Another prediction made Grok AI is about SHIB’s price. According to it, the price could range from $0.000012 to $0.000020 by the end of 2024. The AI’s bullish and bearish forecasts for Shiba Inu are $0.000030 and $0.000006, respectively.
Grok AI analyzed recent Bitcoin price movements and predicted that the largest cryptocurrency could reach its all-time high again in 2024. The AI chatbot also suggested that Bitcoin could climb to a range of $60,000 to $70,000 in 2024, depending on factors such as institutional interest and global regulation concerning the cryptocurrency industry.
Dogecoin’s Current Status
As of now, Dogecoin is trading at $0.079. If Grok’s forecast proves accurate, this would mean a 25% increase to reach the lower end of the predicted range, and as much as an 87.5% increase to hit the upper end at $0.15. If Dogecoin reaches Grok’s most bullish forecast at $0.34, it would represent a 4.25 times increase from the current price. However, the bearish outlook could see the meme coin lose 37.5% of its value.
Market Uncertainty and Risk Management
Despite these predictions, uncertainty dominates most indicators, which could drive Dogecoin’s price up or downwards. The daily Relative Strength Index (RSI) for DOGE validates the current neutrality as cryptocurrency traders look for any possible hints.
Investors are advised to remain cautious and properly manage risk to improve trading results. Dogecoin is still highly influenced by Elon Musk, which increases its unpredictability and possible volatility as a digital asset.
Grok AI’s Influence
Both Grok and Dogecoin share Elon Musk’s vision and influence, as well as the passion of a similar community of enthusiasts. Despite being an early release, Grok AI is already proving itself as a valuable tool for insights. Recently, it named one ideal cryptocurrency for payments on X in a demonstration of its data processing abilities.
As the end of 2024 approaches, all eyes will be on Dogecoin to see if Grok’s predictions hold true.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
