Can the miracle of $DOGE be replicated?
The price trend of Dogecoin is like an indomitable little cockroach, able to stand up again after every fall, reaching new highs. That's how it climbed all the way up in 2021.
Now, Dogecoin seems to have that vibe again, feeling like it’s about to soar. If history can repeat itself, the money we make this time might be even more than in 2021, which is definitely great news for Dogecoin enthusiasts!
Back in the day, Dogecoin hit a historical peak of $0.7376 on May 8, 2021. Although it hasn’t reached that price yet, it’s currently at $0.4075, and it even rose by 1% yesterday. Since the beginning of this month, Dogecoin has been steadily rising, and in the past year, it has surged by 320%.
Retail investors are both selling and continuously buying Dogecoin. From November 6, the amount of Dogecoin held by retail investors increased from about 1.92 billion coins to 1.96 billion coins by December 14, adding 40 million coins in just five weeks. However, large investors, known as “whales,” seem to be quietly cashing out. Their Dogecoin holdings decreased from 9.31 billion coins on November 6 to 9.02 billion coins on December 14, a drop of 290 million coins.
If the market is favorable, Dogecoin might break through the $0.5 barrier and continue pushing towards $0.6. If the situation is very good, the price might even challenge the historical peak of $0.73, or even reach the important milestone of $1. Of course, if the market doesn’t perform well, the price could also drop to around $0.4, or even lower.
