This December, Dogecoin (DOGE) may experience seasonal price increases as traders anticipate a potential "Santa Claus rally" in the cryptocurrency market. As revealed in a CNF article in late November, Dogecoin aims for the $1 milestone after a significant rise.
Such increases typically occur in traditional financial markets, referring to price rises in the last week of December and the first few days of January. Interestingly, a community member stated on their X account that if Dogecoin reaches $1 before December 3rd, they will gift $5,000 worth of $DOGE to a lucky participant who interacts with their post.
Historically, the occurrence rate of such increases is 76%, raising speculation about Dogecoin potentially following suit. Given Dogecoin's unique performance history in December, optimism about a possible holiday surge is growing.
Mixed historical performance
Dogecoin's performance in December has been mixed, with significant increases as well as substantial declines. Notable examples include the astonishing 337.5% increase in 2017, a moderate increase of 32.4% in 2020, and a slight increase of 7.01% last year. However, the sharp drop of 34.7% in December 2022 highlights the unpredictability of this meme coin. Traders are now watching whether the moderate increase in early December can lead to sustained growth.
Meme coins to watch in December
While a Christmas rally may not necessarily occur, Dogecoin's historical trends and recent surge make it a cryptocurrency to watch this holiday season. Dogecoin is currently still 75% lower than its historical peak, trading at $0.42, and investors are hoping for some joy during the holiday season.
In November, Dogecoin's increase reached as high as 161.5%, attracting attention and igniting hopes for its continued rise. As of the time of writing this article, according to CoinMarketCap data, Dogecoin's trading price is $0.4525, with a daily increase of 6.48% and a weekly increase of 6.85%.
