The Dogecoin (DOGE) market shines brightest in 2024. The price of the OG meme cryptocurrency has surged significantly. Elon Musk joining the Donald Trump administration as the head of DOGE has further fueled this trend. Throughout this process, the community continuously hopes that DOGE will reach the long-awaited $1 mark. However, it seems that the asset's momentum is slower than expected. Will Dogecoin peak in January?
Is the volatility of Dogecoin a problem?
It seems that volatility has played a major role for Dogecoin. Over the past seven days, the meme coin has surged by 20%. The asset rose from a low of $0.3084 to a high of nearly $0.40. As of the time of writing, the asset appears to have experienced a slight setback. Dogecoin's trading price is $0.3835. It has declined by 0.22% in the past 24 hours.
Despite setbacks, the community remains optimistic as January is still one of the most bullish months for Dogecoin. According to CryptoRank data, January has consistently been the best-performing month for Dogecoin. Its average return rate is 85%. In January 2021, Dogecoin rose by 711%, while the return rate in January 2014 was 269%. April is the second-best month for Dogecoin, with a 546% increase in April 2021 and an 84.9% increase in 2018.
Price Prediction
According to CoinCodex data, Dogecoin is expected to see a slight increase in the coming days. The company revealed that on January 10, the trading price of the OG meme coin will be $0.38395. While this does not indicate a significant rise for the asset, as mentioned, Dogecoin is expected to see a significant increase in January.
The future trend of Dogecoin remains uncertain, but historical data repeatedly shows that January could be a bullish month for the asset.
