One of the favorite meme coins has again been in the headlines. Recent price action suggests that Dogecoin might probably be bottoming as it sets itself in for what could turn out to be a big bull run.
This has market observers looking toward some specific technicals that have signaled price surges in recent weeks. These indicators, marked through green and red lines, are currently penetrating, which raise hopes that the rally could start from the first week of September.
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There are also reasons for optimism stemming from the cyclic nature of Dogecoin’s price rise. Recently, analysts have noted that DOGE has a sharp hike in price each three years.
$DOGE $10+ DOGECOIN?!
Recent weeks price action has established a bottom for #DOGECOIN. Historically, bull runs begins when the green and red lines intersect, leading to a price surge in the following weeks. I anticipate a similar pattern this cycle, potentially starting as… pic.twitter.com/7JkYs7rUDn
— Ðima James Potts (@DimaPotts36) August 26, 2024
In the first cycle, which started in 2016, Dogecoin’s price hiked 1.5 times at the end of the year. The second cycle, which began in 2020, saw that price multiply 2.5 times. If the same cycle continues, then experts say DOGE may finish off 2024 at nearly $0.31, over 3.5 times higher than where it is starting out at $0.09051.
Social Media Buzz And Musk’s Influence
Dogecoin is surging with the rise in price, and so is the ongoing social media buzz. DOGE has been trending on X for some days now. The development is partly occasioned by a recent tweet from Elon Musk, the Chief Executive Officer of SpaceX and Tesla.
I am willing to serve pic.twitter.com/BJhGbcA2e0
— Elon Musk (@elonmusk) August 20, 2024
In these regards, however, not everyone might be convinced that the momentum now surrounding Dogecoin will follow through. Some analysts do point out that while Dogecoin has made huge leaps — including amassing a market capitalization of over $90 billion — its inflationary supply status and weakening cultural importance may weaken its hold on the meme coin market at a later date.
The speculations continue to rise that a new meme coin could take the lead over Dogecoin in this cycle. Combined market capitalization for DOGE and SHIB, according to CoinGecko, now makes up only 57% of the total market capitalization of all meme coins, which is well retracted from its highs.
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