Dogecoin (DOGE) price skyrocketed 7 months after the halving event, will history repeat itself?
Amid the market slump and as Dogecoin (DOGE) price has been falling over the past month, historical data indicates that it could begin to rise to a new all-time high around seven months after the Bitcoin event halving.
Will Dogecoin price increase in November?
Dogecoin price is down nearly 8% on the daily chart and more than 18% over the past month, but remains in line with the price action of the previous cycle, suggesting that it may be on track towards a new all-time high. .
During the previous bull market, Dogecoin began to increase in price in November 2020, or seven months after the 2020 Bitcoin halving.
Dogecoin price rose to an all-time high of $0.73 on May 8, 2021, one year after the 2020 Bitcoin halving. Dogecoin is currently down 73% from its previous all-time high.
If this pattern repeats, Dogecoin price will reach a new all-time high in April 2025. However, technical analysis is difficult to apply to memecoins because their value is speculative.
According to Robby Greenfield, founder of Umoja Labs, Memecoin is a âmanic marketâ driven entirely by greed.
However, Greenfield expects some memecoins to maintain high valuations. He said:
âSome tokens, like DOGE and PEPE will continue to move higher as exchange Coinbase launches a futures market for memecoin. With a large, cult-like community behind these tokens, it is likely that they will still be the most highly capitalized cryptocurrency even than most other technology cryptocurrencies.â
