If history repeats itself, Dogecoin (DOGE) price could skyrocket by 12,000%.

TL:DR;

Dogecoin was once the top performing cryptocurrency after Donald Trump's victory, from below $0.15 to $0.5. Even if it loses momentum, especially in the last week or so, history shows that the most dramatic price increase of this cycle may still be around the corner.

Can DOGE pull off a 2021-like rally?

Perhaps because of its association with Elon Musk and his role in Donald Trump's administration, Dogecoin has seen a spike since the US presidential election. The price rose more than 200% from above to $0.485 on December 8.

After these impressive gains, however, DOGE started to recover but still maintained its $0.4 level. However, that all changed last week when the crash in the market pushed it south. Within a few days, the price of DOGE dropped by 40% to $0.26.

Although such a large correction may seem painful, it is not uncommon for the crypto market, especially in the ever-volatile meme coin sector. Similar uptrends have occurred in the past, which may point to a more favorable future for DOGE.

Prominent crypto analyst Ali Martinez compared the recent crash to similar developments in the 2017 and 2021 bull cycles. In both cases, the big meme coin increased by three digits, returned 40-60% and shot four or even five digits at the end of the respective runs.

In the year In 2017, #Dogecoin went on a parabolic run, rising 212%, rebounding 40%, then rising 5,000%. In the year In 2021, it increased by 476%, showed 56% again, then increased by 12,000%.

Now, in 2024, $DOGE is up 440% and has returned 46%. If history repeats itself, another parabolic rally is coming! pic.twitter.com/uhf2kMc0Id

— Ali (@ali_charts) December 23, 2024

Can DOGE rise above $10?

Skyrocketing at 5,000% or 12,000% sounds pretty good, but let's look at these predictions realistically. In the year In 2017 and 2021, DOGE's value was very modest, and posting such huge gains seems easy, at least on paper.

If the OG meme coin was to rise by the same percentage from now on, its price and market value would have to go into the statosphere. For example, a 5,000% increase would put the price above $13, and the market cap would be over $1.9 trillion – or more than the current bitcoin.

If DOGE repeats its 2021 profit, the price will go up to $31-32, and its market capitalization will be north of $4.5 trillion – bigger than Apple.

Although these numbers may seem far-fetched and history is not an indicator of future price performance, this does not necessarily mean that DOGE has peaked in this cycle. Dogecoin is still a long way from its 2021 all-time high, and many other assets have managed to break their highs, so DOGE may still have plenty of room for growth.