The price of Dogecoin ($DOGE) has declined substantially in recent weeks, mirroring the declines seen across the broader meme coin sector.
Armed with this context, ChatGPT has applied technical analysis and modeling to provide a surprising price target for $DOGE before the end of 2023.
The AI model also highlighted two new meme coin projects, Wall Street Memes ($WSM) and Sonik Coin ($SONIK), that it believes could be poised for growth in the coming weeks due to their utility and growing communities.
Bearish Momentum Pressures Dogecoin Below Key Support
$DOGE is hovering around $0.063 after a disastrous eight days, which saw the coin’s price fall over 15%.
During this price drop, $DOGE broke through three minor support zones, highlighting the strength of the bearish momentum.
The $DOGE price also wicked down to a strong support level around $0.056, which was tapped back in mid-June.
Since tapping that region, $DOGE has retraced slightly, yet the underlying factors contributing to this decline remain unaddressed, indicating potential continued downward pressure.
Sponsored
Sponsored
One of the factors in question is the current sentiment towards the wider meme coin space, with CoinMarketCap data showing that the market’s value dropped 1% to $15.2 billion in the past 24 hours.
All of the top meme coins, including $PEPE, $SHIB, and $BONE, have posted losses of over 20% in the past week, reflecting a broader bearish trend in the meme coin sector.
This trend may continue to impact $DOGE in the near term, posing risks for short-term investors and traders.
ChatGPT Predicts $DOGE Reversal Despite Current Slump
Despite Dogecoin’s recent struggles, ChatGPT has a surprisingly bullish outlook for the coin.
The AI model believes several potential catalysts could see $DOGE increase 3-5 times its current value by the end of 2023.
ChatGPT cited the possibility of improved market sentiment, technological advancements, and high-profile endorsements from figures like Elon Musk as factors that could help prompt a Dogecoin price reversal.
Additionally, the model noted Dogecoin’s history of resilience and swift recoveries from previous bear markets as keys to a bullish push in the coming months.
For beaten-down $DOGE investors, this positive analysis from ChatGPT provides a glimmer of hope amidst the bearish wave.
Which Meme Coins Does ChatGPT Expect to Climb?
While Dogecoin continues to struggle, newer entrants to the meme coin space are demonstrating positive momentum.
Upstart meme coins like Wall Street Memes and Sonik Coin could be poised to capitalize on meme coin market weakness, with ChatGPT providing optimistic forecasts for both projects.
ChatGPT Predicts Wall Street Memes Could See 10-50x Growth This Year
Wall Street Memes ($WSM) taps into the energy of the meme stock craze popularized in 2021, raising over $26 million in its presale so far.
This presale, now in its final stage, allows prospective investors to purchase $WSM tokens ahead of their exchange debut – slated for late September.
Currently, $WSM tokens are priced at $0.0337, which is anticipated to be a discount on the eventual listing price.
Members of the Wall Street Memes Telegram channel are already looking forward to this listing, believing that $WSM could be poised for growth, given the strong demand in the presale.
Additionally, the Wall Street Memes brand already has a following of over 1.1 million people, which adds to the anticipation regarding the potential performance of $WSM.
ChatGPT is notably optimistic about Wall Street Memes, believing factors like the presale’s traction, pending exchange listings, and community engagement could see $WSM increase 10-50x from its presale price by the end of the year.
Visit Wall Street Memes Presale
ChatGPT Forecasts Potential 100x Rally for Sonik Coin
Another meme coin that ChatGPT believes is primed for growth in the coming months is Sonik Coin ($SONIK).
Sonik Coin has raised over $300,000 in the first week of its limited-time presale, with early investors able to buy $SONIK tokens for $0.000014.
Following the presale, which has a hard cap of just over $2 million, $SONIK will be listed on the Uniswap DEX.
Recently, numerous low-cap meme coins, like $PEPE2.0 and $BITCOIN, have been launched on Uniswap and rapidly increased in value – and $SONIK investors are hoping to see a similar trajectory.
Adding to Sonik Coin’s traction is the built-in staking protocol, outlined in the project’s whitepaper.
With unique branding based around Sonic the Hedgehog, ChatGPT believes that $SONIK could be poised for a rally once it hits the open market.
According to ChatGPT, $SONIK could climb 10-100x from its presale price by the end of 2023.
Presale momentum, upcoming exchange listings, and overall market sentiment are some of the factors cited by ChatGPT as driving forces that could lead to significant price appreciation for Sonik Coin.
Visit Sonik Coin Presale
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content.
Source: https://beincrypto.com/chatgpt-price-analysis-doge-wsm-sonik/