Based on current on-chain metrics, Dogecoin (DOGE) continues to maintain its upward momentum. The leading meme coin is currently trading at $0.07264, marking a 2.71% increase in the past 24 hours. Over the course of the past week since the beginning of the month, Dogecoin has seen a notable surge of 4.46%.
This week’s upswing may potentially set the stage for a historical record for Dogecoin. Historical data from CryptoRank reveals that Dogecoin’s growth since 2014 has followed a distinctive pattern, with November outcomes being particularly noteworthy. One November recorded a positive gain, flanked by two subsequent losses.
In November 2014, Dogecoin saw a 2.58% increase, but November 2015 witnessed a downturn of 6.32%. November 2016 also experienced a bearish trend as DOGE registered a 2.72% decline. However, November 2017 brought a resurgence of bullish sentiments, with the meme coin, uncontested at the time, achieving remarkable growth of over 81%.
The cycle persisted as November 2018 and 2019 marked losses, while November 2020 concluded with an impressive 38.7% growth. Subsequently, the two following Novembers displayed downturns of 23.4% and 14.6%, respectively, a decline that many interpret as potentially foreshadowing the outcome for this month. The pattern is quite evident, and current price projections for the coin have heightened optimism.
Harnessing the enchantment of Dogecoin.
As a default, Dogecoin boasts a luminous legacy of endorsement from some of the industry’s most prominent champions, including figures like Elon Musk and Mark Cuban. While their public support may have waned in recent months, investors still perceive their influence as a driving force in maintaining the backing for DOGE.
This phenomenon is evident in the notable large-scale transactions carried out by significant holders of DOGE, signaling the expanding utility of Dogecoin as a payment token. Despite the emergence of numerous meme coin competitors since 2020, Dogecoin has admirably retained its market capitalization, which currently stands at $10.25 billion, positioning it as the ninth-largest cryptocurrency.
Present market trends also align with bullish prospects for DOGE, and only time will reveal whether the coin will once again replicate its historical performance.