Dogecoin’s performance throughout 2024 hasn’t been the most exciting thing to watch. The original meme coin has been gradually losing value, without showing any signs of an upcoming surge in volatility. However, things may still turn out positive for DOGE.
Dogecoin’s performance throughout 2024 wasn’t the most exciting thing to watch. The original meme coin has been gradually losing value, showing no signs of an imminent increase in volatility. However, things can still turn out positive for DOGE.
Generally speaking, those who claim that DOGE is not interesting are right. It has been trending downward or sideways for about nine and a half years. There was one run that pumped over 30,000% and another that pumped approximately 6,000% from the lows of other years.
Since the previous all-time high, there has been a sideways movement that is comparable to the previous patterns. It typically takes around eight to nine months for Dogecoin to start a significant rally after a Bitcoin halving. Given that Bitcoin’s most recent halving was just two months ago, a significant breakthrough for DOGE might not occur until December or early February.
Godfrey BenjaminThe current bullish trend may break to the downside and prices may retrace back to the 8-10 cent range. A few months before Dogecoin gained popularity and experienced notable gains in August 2020, there was such a trend breakout, with a drop and retracement of about 30%.
Dogecoin has been following the broader movements of the meme coin market for quite some time, but it’s important to keep past cycles in mind. Dogecoin appears to be gearing up for a significant breakout based on its historical trend. There’s still a good chance that DOGE will hit $1 or $2, although there isn’t much excitement at the moment.
The key here is to keep an eye on the overall market and the meme coin sector. Dogecoin has been rising steadily as memes become popular again. If we are lucky, we will see the same trend continue.
