Well-known cryptocurrency expert Ari Martinez points out that Dogecoin (DOGE) has created an amazing history of gains. The meme-inspired token is once again in the spotlight, driven by the newly established Ministry of Government Efficiency (DOGE) led by Elon Musk.
Dogecoin (DOGE) has emerged as a standout amid the meme craze. The Trump administration’s recent appointment of Elon Musk to lead the newly created Department of Government Effectiveness (DOGE) has continued to fuel the popularity of this meme-inspired token.
Ali Martinez said that Dogecoin has successfully created a history of sharp price increases. In 2017, the token soared 9,720%, during which it experienced multiple corrections, most of which stabilized the price at a more rational level. This trend continued in 2021, when Dogecoin soared an astonishing 30,700%, during which there were two sharp corrections of 46% and 53%.
Ali Martinez said: “In 2017,#Dogecoinsoared 9470% and experienced two major pullbacks, one of 40% and another of 84%. In 2021, $DOGE soared 30700% and again experienced two key pullbacks of 46% and 53% respectively.”
Dogecoin's monthly increase is as high as 240%
Despite Dogecoin's current strong momentum, with the price remaining at $0.39, the token has fallen 4% in the past 24 hours. Cryptocurrency expert Ali urged investors not to worry about the occasional declines and retests that cryptocurrencies may experience. He emphasized that patience and faith are essential for those who aspire to become "real #DogecoinMillionaires."
DOGE has been performing impressively lately, with a 240% increase in the past 30 days and a market cap of $60 billion. This roller-coaster ride has made DOGE one of the most prominent cryptocurrencies in the meme coin market.
From a technical perspective, Dogecoin has successfully broken through the 20-day and 50-day moving averages, adding strong momentum to its bullish rebound. The coin presents an inverted cup-handle pattern on the weekly chart. If it is regarded as a bullish reversal pattern, its more potential target price is $1, which is 163% higher than the current price.
Dogecoin transaction volume exceeds 6 million
IntoTheBlock noted that as popularity continues to rise, DOGE's network activity has increased dramatically, with more than 6 million transactions processed last week. Santiment data also showed that the number of wallet addresses holding less than 100,000 DOGE has grown rapidly, indicating the growing interest of small investors.
Even more exciting is that influential people in the cryptocurrency field believe that the price of Dogecoin is very likely to rise further. According to Crypto Kaleo, Dogecoin’s historical cycles suggest that the coin is on the threshold of another major impulse move that will propel it to new all-time highs. Dogecoin also follows a pattern of starting to rally around 200 days after each Bitcoin halving, followed by a significant price increase.
As Dogecoin continues to exceed expectations and surge to new highs, many investors are now eyeing $1 as a potential price target, further fueling interest in the coin and making it one of the best memecoins to add to your portfolio in the current market environment.
