Dogecoin (DOGE), the world’s leading memecoin, is experiencing a unique trend that resembles previous cycles. One analyst believes Dogecoin price could rally to new highs if it follows historical precedence.
As of this writing, DOGE price was trading at $0.3131, down 1.14% in the last 24 hours and 24.16% within the past week.
Historical Dogecoin (DOGE) Price Patterns Playing Out
In a recent X post, popular onchain analyst Ali Martinez compared Dogecoin’s recent performance to previous cycles. The analyst pointed out that DOGE started a parabolic run in 2017, surging 212%.
Shortly after this surge, the memecoin retraced 40% before rallying by 5,000%. Martinez noted that DOGE saw a similar price trend in 2021. During this time, DOGE increased by 476% before retracing 56%. Eventually, the memecoin skyrocketed by an outstanding 12,000%.
Martinez stated that Dogecoin’s recent performance resembles these historical trends. According to the analyst, DOGE has rallied by 440% in 2024 and retraced by 46%. The analyst claims DOGE is set to see a bullish rally if history repeats itself.
Despite this correlation, the analyst did not predict the anticipated percentage increase. However, one commenter said DOGE could rally between 150% and 300,000% in the current cycle.
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Another commenter predicted that DOGE could rally to $1 within the next seven days.
Dogecoin Price and Bull Market: December Outlook
Dogecoin’s December performance over the past decade presents a mixed picture. However, there is still hope for bullish sentiment this year.
CryptoRank data reveals dramatic gains, such as an astounding 337.5% increase in December 2017. Additionally, DOGE saw moderate rallies, 32.4% in 2020 and 7.87% in 2018.
Furthermore, 2023 brought modest growth for Dogecoin, with a 7.01% increase. However, Dogecoin also experienced negative years, with December 2022 marking a sharp 34.7% decline.
So far, Dogecoin has decreased by 26.2% in the current month.
Despite the recent downtrend, DOGE may see a holiday bump if historical tendencies match market predictions.
The “Santa Claus rally” is gaining increasing attention in crypto. This seasonal increase in asset prices occurs over the past five trading days of December and the first two days of January.
While a Santa Claus rally is not guaranteed, all eyes are on whether Dogecoin can continue its upward trajectory as December unfolds.
According to Trader Tardigrade, the present Dogecoin chart resembles the 2020/2021 price action, indicating a potential breakout to $30.
As regards broader trends in the Dogecoin ecosystem, Mishaboar, a prominent voice in the space, has issued a keynote to community members.
Per his message to community members, they have until December 31 to download a backup of their private keys at dogechain.info.
He asked members to email privacy[at]dogechain dot info if they have issues accessing their accounts on the website due to NFA. Upon recovering their private keys, Mishaboar said users can import them into a wallet like Dogecoin Core.
Mishaboar’s keynote follows the shutdown of July of Dogechain.info, a popular online wallet that operated for the past 10 years.
