Dog-themed cryptocurrency Dogecoin DOGE/USD could be in for a “parabolic rally” if history is repeated, an influential cryptocurrency expert said Monday.
What happened: The world's largest meme coin was up over 3% in the last 24 hours, part of a broader rally in which altcoins gained significantly.
Popular on-chain analyst and trader Ali Martinez connected Dogecoin’s ongoing moves with what transpired in 2017 and 2021.
“In 2017, when Dogecoin began a parabolic run, it surged 212%, retraced 40%, then rallied 5,000%. In 2021, it went up 476%, retraced 56%, then skyrocketed 12,000%,” Martinez said.
The meme coin has followed a similar trajectory in 2024 and retraced sharply in recent days. “If history repeats, another parabolic rally is on the way,” the analyst expected.
The Story Thus Far: Like the rest of the cryptocurrency market, DOGE has cheered the victory of Donald Trump as president, and since election day, the meme coin has soared 192%.
Tech mogul Elon Musk, who aggressively campaigned for Trump, has been DOGE’s most prominent celebrity backer in recent years, and casual mentions by the Tesla CEO have caused the coin to spike in minutes.
Additionally, the establishment of the Musk-led Department of Government Efficiency, popularly known as DOGE, has provided further impetus to the coin.
With the new Trump administration set to take over in 2025, developments around the newly constituted department are anticipated to accelerate, creating greater potential for price increases.
Additionally, there were expectations of capital rotation into altcoins from Bitcoin during the holiday season.
Popular on-chain analytics firm Glassnode stated that Bitcoin dominance has turned bearish, paving the way for altcoins to grow at a faster rate.
Will DOGE Hit $1 In Q1 2025? In 2024, DOGE has grown 258%, hitting a yearly peak of $0.4357. As of this writing, the coin was still 56% away from its all-time high of $0.7316.
A target of $1 would require the coin to surge 211% from its prevailing price of $0.32. Given that it showed enough promise even before the formation of DOGE, one wouldn't rule out $1 as a realistic price target in 2025.
However, the likelihood of this happening in the first quarter of 2025 looked unlikely.
Read Next:
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
