The price of Dogecoin may rise by more than 30,000%
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With Christmas approaching, Dogecoin (a major meme-based cryptocurrency) has seen a significant resurgence in price. The price of Dogecoin has surged, reflecting a broader bullish market trend. The price of Bitcoin currently hovers above $100,000, further boosting optimism. Analysts suggest that Dogecoin's rise may exceed 30,000%, adding excitement to the market recovery.
Analysts suggest that Dogecoin's next price surge will be "greater than" the 30,000% increase in 2021.
A cryptocurrency analyst shared a post on X, describing the potential for a price increase of DOGE. The analysis indicates that this potential rise could surpass the massive increase in 2021, when DOGE soared over 30,000%.
Experts showcased the long-term price trend of Dogecoin, demonstrating a recurring bullish breakout pattern following consolidation phases. In 2021, similar breakout patterns led to significant price increases.
Currently, the price of Dogecoin seems to be approaching a similar structure, which may lead to a substantial upward trajectory in the future. If history repeats itself, the upcoming rebound could yield higher returns than the historic surge in 2021, marking a critical moment for Dogecoin enthusiasts and traders.
On May 8, 2021, during a bullish rebound, Dogecoin's price reached an all-time high of $0.7376. Dogecoin is currently trading at $0.4075, up 1% in the past 24 hours. Over the past month, Dogecoin has shown significant upward momentum, increasing by 320% over the past year.
Retail investors accumulate Dogecoin while selling.
Retail investors have steadily increased their holdings of Dogecoin over the past month. As of November 6, retail investors held approximately 1.92 billion DOGE, and by December 14, that number had risen to 1.96 billion DOGE, accumulating 40 million DOGE in just five weeks.
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