Dogecoinโs Historic Price Movements and Potential for Future Parabolic Rallies
Dogecoin's price shows extreme volatility with massive surges and retracements.
A potential parabolic rally in DOGE could follow historical price patterns.
Despite recent pullbacks, Dogecoin maintains a strong market cap and liquidity.
Dogecoin (DOGE) has experienced dramatic price swings over the years. From its initial surge in 2017 to its more recent movements in 2024, the digital asset has seen significant rallies followed by sharp corrections.ย
According to a recent analysis as noted by Ali, a crypto analyst, Dogecoinโs price patterns suggest that it may be on the brink of another parabolic rally, similar to those observed in previous years.
https://twitter.com/ali_charts/status/1871097660888813871
In 2017, Dogecoin began a major upward movement that saw its price surge by 212%. However, after the initial rally, the cryptocurrency retraced 40% before surging by an incredible 5,000%.
This was the first major parabolic rally in Dogecoinโs history. In 2021, the cryptocurrency repeated this pattern with even more significant gains. It saw an increase of 476%, followed by a 56% retracement, and then a final explosive move, with the price climbing by 12,000%.ย
Fast forward to 2024, and Dogecoin is again in the midst of a rally. As of the latest data, the price of DOGE has risen by 440%, with a recent retracement of 46%. According to analysts, if history repeats itself, another parabolic rally may be on the horizon for the cryptocurrency.
Price Movements from 2017 to 2024
Dogecoin's price movements over the years have been nothing short of extraordinary. In 2018, DOGEโs value skyrocketed from $0.00025 to $0.01857, marking an astronomical 9,300% increase.
In 2021, the price surged to $0.01142, reflecting a 475% increase. These price jumps indicate Dogecoin's extreme volatility and potential for rapid growth in short periods.
Source: X
Despite these historic gains, the most recent data shows that Dogecoin has experienced a notable price decline. From its all-time high in 2021, DOGE has pulled back by 22.66%, with the current price hovering around $0.31435.
Market Activity and Liquidity Insights
Recent data from CoinMarketCap shows that Dogecoin is currently priced at $0.3159, reflecting a 1.30% decline in the last 24 hours.
Despite this small drop, the market capitalization of DOGE remains robust at approximately $46.53 billion, with a 24-hour trading volume of $4.09 billion.
This reflects a significant decrease in trading activity, down by 24.51% from previous levels.
Source: CoinMarketCap
The circulating supply of Dogecoin stands at 147.31 billion DOGE, and its fully diluted valuation aligns with its market cap at $46.53 billion. The volume-to-market cap ratio is 8.79%, indicating the proportion of daily trading volume relative to the overall market cap, and highlighting the liquidity and volatility of DOGE in the short term.
