The most popular meme cryptocurrency, likely Dogecoin (DOGE), is on the verge of an incredible 91% price increase next January. According to data from CryptoRank, the average return of DOGE in January is 91.5% with over 10 years of data.
Interestingly, although Dogecoin was created in 2013, its highest return in January was in 2021, when the price of this meme coin soared by 711.5%. However, after that, DOGE was not very promising as the price dropped in two of those years and increased by 37.2% in 2023.
However, the broader picture shows that only five out of eleven Januarys closed in the green, and according to current statistics, the chances of DOGE declining in January are higher. The average return of Dogecoin also reflects this, as it is -7.95%. So, there are really two different paths for DOGE in January, considering the current time.
Ethereum to the Rescue
To support the potential price increase of DOGE in January, the price history of Ethereum and other major alternative cryptocurrencies signals the likelihood of an upcoming altcoin season.
According to data, Ethereum has experienced five consecutive months of positive average and median returns — lasting from January to May. Moreover, the lowest median return during this period for ETH still stands at 12.1%.
If Ethereum ultimately proves its strength and kicks off the long-awaited altcoin season, it's clear that DOGE is likely to follow. In this scenario, forecasts for the price growth of Dogecoin will not be limited to just January. However, first, let's see how the first month plays out.
DYOR! #Write2Win #Write&Earn $DOGE