Ali Martinez, a well-known cryptocurrency expert, said Dogecoin (DOGE) has managed to create a history of recording amazing gains.
The newly proposed Department of Government Efficiency (DOGE) led by Elon Musk has put the meme-inspired token in the spotlight.
Dogecoin (DOGE) has become a standout in the meme craze. The Trump administration’s recent appointment of Elon Musk to lead the newly created Department of Government Efficiency (DOGE) has put the meme-inspired coin back in the spotlight.
Ali Martinez, a well-known cryptocurrency expert, said that Dogecoin has successfully created a history of significant price increases. In 2017, when the coin soared 9720%, the coin experienced multiple corrections, which mostly stabilized the price at a rational level. This trend continued in 2021, when Dogecoin soared a staggering 30,700%, with two major corrections of 46% and 53% respectively.
"In 2017,#Dogecoinsurged 9,470% and experienced two major pullbacks during that time - one at 40% and another at 84%. In 2021, $DOGE surged 30,700% and again experienced two key pullbacks at 46% and 53%," Martinez said.
Dogecoin's monthly increase is as high as 240%
Despite Dogecoin’s ongoing momentum and current price of $0.39, the token is down 4% in the past 24 hours. Ali called on investors not to worry about the occasional dips and retests that the cryptocurrency may experience. He stressed that patience and faith are essential for those who want to become “real #DogecoinMillionaires.”
DOGE’s recent performance has been impressive, with a 240% gain in the past 30 days and a market cap of $60 billion. This roller-coaster of volatility has propelled DOGE to become one of the best cryptocurrencies in the meme coin market.
From a technical perspective, Dogecoin has broken above the 20-day and 50-day moving averages, adding more strength to its bullish rally. The coin is showing an inverted cup with handle pattern on the weekly chart, and if it is considered a bullish reversal, its heavier target price is $1 — a 163% increase from the current price.
Dogecoin transaction volume exceeds 6 million
According to IntoTheBlock, DODE network activity has surged as popularity has increased, processing more than 6 million transactions last week. Santiment data also showed a surge in the number of wallet addresses holding less than 100,000 DOGE, indicating growing interest from small investors.
Even more exciting is the fact that influential figures in the cryptocurrency community believe that the price of Dogecoin may rise further. According to Crypto Kaleo, Dogecoin’s historical cycles indicate that the coin is at the beginning of another major impulse move that will take it to new all-time highs. Dogecoin also follows a pattern of bouncing 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 as one of the best memecoins to add to a portfolio in the current market environment.
