Dogecoin's performance throughout 2024 was not the most exciting thing to watch. The original meme coin has been gradually losing value, without showing any signs of an upcoming volatility surge. However, things may still turn out positively for DOGE.
Generally speaking, those who claim that DOGE is uninteresting are correct. It has been trending downward or sideways for about nine and a half years. There was a run that pumped over 30,000% and another that pumped roughly 6,000% from the lows in other years.
Dogecoin/USDT Chart by TradingView
Since the previous all-time high, there has been sideways movement that is comparable to past patterns. Generally Dogecoin takes eight to nine months to start a significant pump following a Bitcoin halving. Given that the most recent Bitcoin halving was only two months ago, a significant breakthrough for DOGE might not happen until December or early February.
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The bullish trend that is currently in place may break lower, and prices may retrace to the 8–10 cent range. A few months before Dogecoin gained popularity and experienced notable gains in August 2020, there was a trend break of this kind, with a roughly 30% decline and retracement.
Dogecoin has been trailing wider meme coin market movements for quite some time, but it is important to take past cycles into account. Dogecoin appears to be preparing for a significant breakthrough based on its historical trend. There is still a good chance that DOGE will reach $1 or $2, even though there is not much excitement right now.
Keeping an eye on the broader market and meme coin sector is the key here. Dogecoin has been consistently running upward when memes become popular again. If we are lucky enough, we will see the continuation of the same trend.
