Dogecoin Could Reach A New All-Time High 'By The End Of August'...If This Historical Pattern Holds

Dogecoin’s DOGE/USD bullish trajectory has traders speculating about how quickly the meme coin king could reach previous highs.

What Happened: Crypto trader Kevin recalled that when Dogecoin peaked at all-time highs, it took on average 1,200 days until the next one. "If we were to follow that cycle for the third time coinciding with BTC price discovery then we should see DOGE reach a new ATH by the end of August this year," the trader stated.

This pattern can be observed on the Dogecoin chart.

If we look at the #Dogecoin cycles from previous all time high to when it makes a new all time high the average amount of days is right around 1200 days in between give or take a week or two. If we were to follow that cycle for the third time coinciding with #BTC price discovery… https://t.co/MGqk3Gzd4r pic.twitter.com/vXjYuTShkA
— Kevin (@Kev_Capital_TA) July 15, 2024

Another crypto trader analyzed Dogecoin's chart and expects a rally in the next 90 days.

Price Action: In the past 24 hours, DOGE is up 4.1%, bringing its seven-day gais to 13.8%.

Also Read: Dogecoin, Shiba Inu, Pepe Will Still Have Supercycle But ‘2021 May Never Happen Again,’ Muses Trader

Why It Matters: Crypto trader Kaleo speculated whether there will be a Dogecoin ETF. The trader said he would not be surprised if someone tried to push for a DOGE ETF in the next year, which would attract similar attention to the Bitcoin ETFs.

IntoTheBlock data shows large transaction volume increasing by 21.2% and transactions greater than $100,000 increasing from 143 on July 13 to 225 on July 14. Exchange netflows spiked 799.2%.

75% of Dogecoin holders are currently in profit. 67% of Dogecoin holders have accumulated the coin for more than a year, while 32% of holders are holding the coin for a one to twelve-month period.

What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

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