Dogecoin, the internet’s favorite meme coin, hasn’t exactly enthralled investors in 2024. Unlike its explosive rallies in years past, DOGE has remained stagnant, leaving many to question its future potential. However, analysts like Arman Shirinyan believe it’s too early to write Dogecoin off.
While Shirinyan acknowledges DOGE’s lackluster performance, he highlights its historical boom-and-bust cycles. Despite a long-term downward trend, Dogecoin has experienced periods of phenomenal growth, surging over 30,000% at one point.
The recent Bitcoin halving, an event that historically precedes price increases for various cryptocurrencies, offers a glimmer of hope for DOGE. Traditionally, dogecoin rallies begin eight to nine months after a halving. With the latest halving occurring only two months ago, a significant price jump for DOGE could be on the horizon, potentially by December or February.
Shirinyan also points to past price movements as a potential indicator. The current sideways trend in the DOGE/USDT chart resembles patterns observed before previous spikes. This cyclical behavior suggests that a major upswing for Dogecoin might be brewing.
While the excitement surrounding DOGE may be muted now, Shirinyan emphasizes the possibility of a future surge. He predicts a potential price increase of 10x, reaching the coveted $1 mark. This optimistic outlook hinges on two key factors: the broader meme coin market and overall market trends.
Historically, Dogecoin has thrived alongside other meme coins. If the meme coin sector experiences renewed interest, DOGE is likely to benefit from the positive sentiment. Similarly, a general upswing in the cryptocurrency market could propel Dogecoin upward.
In conclusion, while Dogecoin may not be generating headlines at the moment, dismissing its potential entirely would be unwise. By keeping an eye on the meme coin market and broader trends, investors can position themselves to potentially capitalize on a future DOGE price surge.