Dogecoin (DOGE) Price May Soar 12,000% If History Repeats

TL:DR;

Dogecoin was once the best performing cryptocurrency after Donald Trump’s victory, rising from less than $0.15 to almost $0.5. While it has lost its momentum, especially over the last week or so, history shows that its most dramatic price rally this cycle could still be around the corner. DOGE USD. Source: TradingView Can DOGE make a similar rally in 2021?

Perhaps due to its affiliation with Elon Musk and its upcoming role in Donald Trump’s administration, Dogecoin soared after the US presidential election. Its price exploded more than 200% from its aforementioned bottom to $0.485 on December 8.

After these rather impressive gains, however, DOGE started to pull back but still held the $0.4 level. However, that all changed last week when the market-wide slide pushed it hard south. Within days, the price of DOGE fell almost 40% to $0.26.

While such a massive correction seems painful, it is not unheard of for the crypto market, especially in the ever-volatile meme coin sector. Similar enhanced fluctuations have also occurred in the past, which could suggest a more favorable future for DOGE.

Popular crypto analyst Ali Martinez compared the recent crash to similar developments that took place during bull cycles in 2017 and 2021. In both cases, the largest meme coin rose by triple digits, retreated between 40 and 60% and then skyrocketed. four or even five digits at the end of the respective runs.

In 2017, when #Dogecoin went on a parabolic run, rising 212%, returning 40% and then recovering 5,000%. In 2021, it rose 476%, retreated 56%, and then skyrocketed 12,000%.

Now, in 2024, $DOGE it has increased by 440% and retreated by 46%. If history repeats itself, another parabolic manifestation is on its way! pic.twitter.com/uhf2kMc0Id

— Ali (@ali_charts) December 23, 2024

Can DOGE rise above $10?

A 5,000% or 12,000% increase seems pretty bullish, but let’s look at these predictions more realistically. In 2017 and 2021, the price of DOGE was much more modest, and posting such massive gains seemed easier, at least on paper.

If the OG meme coin rises by similar percentages from now on, its price and market cap should go into the stratosphere. For example, a 5,000% increase would put its price at more than $13, and the market capitalization would be more than $1.9 trillion, or more than bitcoin’s current one.

If DOGE repeats the gains of 2021, then its price would rise to $31-32, and its market cap would be north of $4.5 trillion, larger than Apple’s.

While these numbers seem quite exaggerated and history is not an indicator of future price performance, this does not necessarily mean that DOGE has peaked during this cycle. Dogecoin is still far from its all-time high recorded in 2021, and many other assets have managed to break their peaks, so DOGE could still have a lot of room for growth.

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