Dogecoin, one of the most famous and popular meme cryptocurrencies today, is about to reach a major milestone this January. According to CryptoRank, it has achieved an average return of 83.9% over the past decade, making January typically its best month. For Dogecoin, this month is often a month of big wins, but history shows that not all Januarys are created equal.
This January is shaping up quite interestingly, with the opportunity for a significant price increase. In the past, DOGE has shown that it can achieve impressive gains, with the most notable surge occurring in 2021 when the price skyrocketed over 700%.
This year, it has shown a lot of promise. DOGE closed December at $0.316 per coin, the highest level since the 2021 rally. Moreover, the latest monthly candle closed above a key support zone, which is a good sign for the bulls.
But the story has much more to it. In the past, only five out of eleven Januarys have been good for Dogecoin, so the possibility of a decline still exists. And on top of that, the average return for January is a loss of 3.86% — so while optimism is understandable, it is not without the risk of a downturn.
Investors and enthusiasts are trying to find a balance between what is possible and what is likely to happen. It is hard to say whether Dogecoin will continue to rise or fall, but one thing is certain: We can learn a lot from what has happened in the past.
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