Dogecoin (DOGE), the original meme coin, has had an interesting year. While the digital asset spent most of 2024 either trading flatly or in a slight downtrend after a short move to the upside in March, the wider cryptocurrency bull market that ignited in November has seen DOGE prices skyrocket.
To be fair, that is true of most of the leading cryptocurrencies — but DOGE has an additional advantage — Elon Musk’s long-term support for the coin, as well as his recent naming to the Department of Government Efficiency.
By late November, Dogecoin was trading in the vicinity of 0.4188$ — at press time, the price of DOGE had receded to $0.4078, bringing year-to-date (YTD) returns to 195.71%.
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Some, like pseudonymous technical analyst Trader Tardigrade, claim that the bull run has just started. The asset has also shown quite impressive performance when compared with Bitcoin (BTC), as pointed out by crypto expert Ali Martinez.
On the whole, analysts are quite bullish — and a recently published bit of analysis focusing on the volume of high-value traders further supports such a case.
DOGE whales invest $160 million in 24 hours
Over the last 24 hours, Dogecoin whales have bought $160 million worth of the meme coin, per a chart shared by Ali Martinez in a December 13 X post. In tandem with this, data from crypto behavior analysis platform Santiment has shown a notable decline in the mean dollar invested age when looking at DOGE.
In simple terms, this indicates that older, stagnant wallets — particularly those with large holdings, are putting their coins back in circulation at an accelerated pace.
Although the price of DOGE has actually declined by 4.37% over the last thirty days, this period of consolidation bears a striking resemblance to the cryptocurrency’s price action back in 2021. If these similarities continue to play out, based on Fibonacci retracement, Dogecoin could experience an 85% surge from current prices to reach prices as high as $0.75443 by January of 2025 per Martinez.
As the premier meme coin and the 7th largest cryptocurrency in the world, DOGE has inherent advantages compared to rivals and peers — and Musk’s long-term advocacy for the asset is only going to become a bigger bullish catalyst as Donald Trump’s presidency kicks off.
Finally, this analysis isn’t even the most optimistic one — Trader Tardigrade also spotted a bull flag pattern on December 13. The consolidation period currently at play also fits the description of a bull flag — and in this case, if legitimate, DOGE prices could skyrocket to $2.15.
In any case, the asset seems primed for a renewed rally — the only question that remains is exactly how high it will go.
Featured image via Shutterstock
