Dogecoin (DOGE), the original meme coin that once captivated the crypto world, appears to be on the verge of a significant price surge. Market analysts are closely monitoring recent price movements, which suggest that DOGE may have found a bottom, a crucial indicator for a potential bull run.
Historically, when certain technical indicators—marked by green and red lines—intersect, Dogecoin has experienced a sharp increase in value in the weeks that follow. This pattern is expected to repeat itself in the current cycle, potentially igniting a rally as early as the first week of September.
But there’s more to this story than just technical analysis. An intriguing cyclical trend has been observed in Dogecoin’s price behavior, one that could foreshadow even greater gains. Every three years, DOGE has shown remarkable price appreciation. In the first cycle, back in 2016, Dogecoin’s price rose by 1.5 times from the start of the year. Fast forward to 2020, and the price increased 2.5 times. If this pattern continues, 2024 could see Dogecoin closing the year at around $0.31, representing a 3.5-fold increase from its starting price of $0.09051.
Looking further ahead, 2025 could be the year of reckoning for Dogecoin. The same analyst who identified the current bullish pattern also predicts that DOGE will experience even more substantial gains in 2025. Historically, the fourth year of the cycle has been when Dogecoin has truly shone. In 2017, the coin skyrocketed by 9,000%, and in 2021, it saw an eye-popping 18,000% increase. If this trend holds, Dogecoin investors could be in for a wild ride next year.
Also Read: Dogecoin Surges 11.5% In A Week – Whale Activity Pushes Trading Volume Up 130%
However, not everyone is convinced that Dogecoin will maintain its relevance. Despite its past successes and a market capitalization that once exceeded $90 billion, some experts argue that DOGE’s inflationary supply and diminishing cultural significance could hinder its long-term prospects. The meme coin landscape has evolved, and new challengers could potentially dethrone Dogecoin. Notably, Dogecoin and its closest rival, Shiba Inu, together account for just 57% of the total meme coin market, according to CoinGecko.
As the crypto world watches and waits, one thing is certain: Dogecoin’s next move will be pivotal. Whether it embarks on a new bull run or faces a decline in relevance, DOGE’s journey remains one of the most fascinating stories in the cryptocurrency space. Investors would do well to keep a close eye on the upcoming weeks, as they could set the stage for Dogecoin’s future in a rapidly changing market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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