Is Dogecoin (DOGE) About to Surge? Historical Signals Indicate a Potential Increase of 12,000%
The address activity of Dogecoin (DOGE) has surged recently, increasing by 111%, drawing market attention to a potential large-scale rebound. Historical trends show that as whale trading increases, the price of DOGE is expected to break through again, possibly rising by as much as 12,000%.
Dogecoin has consistently exhibited significant cyclical volatility, having risen 212% in 2017 before pulling back 40%, followed by a surge of 5,000%. In 2021, DOGE rose by 476%, retraced by 56%, and then experienced a 12,000% surge.
In 2024, DOGE has shown a similar pattern, climbing from $0.065 to $0.39547, retracing by 46%, but this repeated movement suggests a strong rebound may occur again.
Currently, DOGE is trading at $0.3167, down 1.43% in the past 24 hours and down 21.23% over the past week. Its market capitalization stands at $46.66 billion, with a 24-hour trading volume of $4.37 billion.
DOGE remains within its long-term logarithmic price channel, with support levels between $0.065 and $0.19-$0.20, and resistance levels at $0.39547 and the historical high of $0.73665 from 2021. If DOGE maintains its historical upward trend, analysts predict its potential upper limit could reach $17.94.
According to data from IntoTheBlock, network activity for Dogecoin shows significant growth. As of November 11, the total number of active addresses is 136,850, with 58,990 new addresses, and the number of active addresses has increased by 111.32% over the past week.
This closely aligns with the timing of DOGE's price increase from $0.065 to $0.39547, indicating a resurgence of interest from both retail and institutional investors.
