Historical trends and the early December rally point to a possible Santa rally, making DOGE a stock to watch during the holidays.
Last December's performance was mixed, so traders should remain cautious despite recent momentum.
This December, Dogecoin (DOGE) could see a seasonal price increase as traders anticipate a possible “Santa Claus rally” in the cryptocurrency market. As revealed in a CNF post from late November, Dogecoin was set to hit the $1 milestone after a massive rally.
Typically observed in traditional financial markets, this rally refers to the rise in prices during the last week of December and the first days of January.
Interestingly, a community member stated on their X account that if Dogecoin reaches US$1 by December 3rd, they will give away US$5,000 worth of DOGE to one lucky participant who interacts with their post.
Historically, such rallies have occurred 76% of the time, fueling speculation that DOGE could follow suit. Given Dogecoin’s unique performance history in December, optimism is growing for a potential holiday surge.
Mixed Historical Performance
Dogecoin’s track record in December has been mixed, with dramatic gains and sharp declines. Notable examples include a stunning 337.5% surge in 2017, a modest 32.4% rally in 2020, and a smaller 7.01% surge last year.
However, in December 2022 there was a sharp drop of 34.7%, highlighting the uncertainty of the meme coin. Traders are now watching whether DOGE's modest rise in early December can result in sustained growth.
Meme Coins to Watch in December
While a Santa rally isn’t guaranteed, Dogecoin’s historical trend and recent gains position it as a cryptocurrency worth watching this holiday season. Investors are hoping for some festive cheer as DOGE, still 75% below its all-time high, trades at $0.42.
The 161.5% surge in November has attracted attention, fueling hopes for continued momentum. At the time of writing, Dogecoin was trading at $0.4525, reflecting a daily gain of 6.48% and a weekly gain of 6.85%.
Hope it is useful
