Can the miracle of $DOGE be repeated?
The price trend of Dogecoin is like a tenacious little cockroach, always able to stand up again after each fall and refresh its peak. It rose like this all the way in 2021.
Now, Dogecoin seems to have that same flavor it had back then, feeling like it’s about to soar again. If history can repeat itself, the money we earn this time might be even more than in 2021, which is definitely great news for Dogecoin enthusiasts!
Back in the day, Dogecoin reached a historical peak of $0.7376 on May 8, 2021. Although it hasn't reached that price yet, it is already at $0.4075, and it even rose by 1% yesterday. Since the beginning of this month, Dogecoin has been slowly rising, and over the past year, it has surged by 320%.
Retail investors are selling while continuously buying Dogecoin. Since November 6, the amount of Dogecoin in the hands of retail investors has increased from about 1.92 billion coins to 1.96 billion coins by December 14, gaining 40 million coins in just five weeks. But those big investors, the so-called 'whales,' seem to be quietly cashing out. The amount of Dogecoin in their hands has decreased from 9.31 billion coins on November 6 to 9.02 billion coins on December 14, a reduction of 290 million coins.
If the market is supportive, Dogecoin might break through the $0.5 barrier and continue towards $0.6. If the situation is very favorable, the price may even challenge the historical peak of $0.73, or even touch the important position of $1. Of course, if the market doesn’t perform well, the price could also drop to around $0.4 or even lower.
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