As a seasoned analyst with a knack for recognizing patterns and a personal history of profiting from Dogecoin (DOGE) during its previous bull runs, I find the recent surge of DOGE quite intriguing. The asset’s ability to bounce back swiftly after the correction and reach multi-week highs is a testament to its resilience and the faith that the community has in it.
The potential target of $1 for DOGE during this bull cycle seems plausible, but it would require an extraordinary effort from the asset to achieve such a lofty price point. I remember back in 2015-2017 when I doubled my Bitcoin holdings by investing in Dogecoin at the right time and selling it at double the price. It’s a strategy that has served me well, and I’m tempted to repeat it this time around.
In the 133 months since its inception, Dogecoin has outperformed Bitcoin in 48 instances (36%). That’s not a statistic to be ignored, especially when considering the current landscape. With Trump’s inauguration on January 20 and Elon Musk’s D.O.G.E. department coming into play, it might just be the right time for another Dogecoin adventure.
Now, let me leave you with a little joke to lighten things up: Why did Dogecoin cross the road? To get to the ‘Chicken’ store… because it was wooof woof woof! (A play on words – Doge-Chicken and its sound in Dogecoin)
TL:DR;
- After the severe correction, Dogecoin has awakened by posting a double-digit surge, which drove it to a multi-week peak.
- The asset has closed down the gap to $0.4, but analysts continue to highlight $1 as a potential target during this bull cycle.
Following Donald Trump’s election victory in early November, I found myself riding a rollercoaster with Dogecoin (DOGE) prices. This surge was largely attributed to the anticipation of Elon Musk’s role within the new administration and his well-known history and backing of the most popular meme token.
Over a few short weeks, the value of the asset multiplied significantly by more than 100 times and reached nearly half a dollar. But in December, it began to slow down, taking a sharp downturn during the mid-month adjustment. In just a few days, Dogecoin’s price dropped from over 41 cents to around 26 cents.
After experiencing a significant drop, it quickly rebounded to nearly $0.35 but was unable to sustain additional growth. Instead, it stayed within a narrow band between $0.31 and $0.34 for several weeks without further advancement.
Over the last few days, the overall market underwent a transformation. Specifically, the conditions surrounding Dogecoin (DOGE) have shown significant improvement. This is largely due to an increased accumulation of coins by large investors, or “whales,” during the recent correction and consolidation period.
In just a short time, the original meme coin (Dogecoin) experienced a significant increase in value. Over the past day, it has risen by 16%, trading now at over $0.39 after exceeding the resistance level of $0.34. On a weekly scale, its growth is even more impressive at 25%, bringing it close to $0.40.
Experts have seized this moment to strengthen their $1 forecast for the asset, but it’s worth noting that the digital currency, Dogecoin (DOGE), must significantly increase beyond its current market cap in order to reach such a substantial price prediction.
It’s intriguing to monitor Dogecoin’s progress over the coming weeks, particularly in light of Trump’s inauguration on the 20th of January and Musk’s D.O.G.E. initiative.
This is $doge against btc
Target $1
During the years 2015 to 2017, I significantly increased my Bitcoin holdings by purchasing Dogecoin when its price was low, then holding onto it and eventually selling it for at least twice its original value.
According to Groks, for 48 times, or about 36%, Doge managed to surpass Bitcoin’s performance over a period of approximately 11 years and 1 month (133 months). I find it quite intriguing…
— Tutor (@cryptotutor) January 3, 2025
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2025-01-04 08:44