Dogecoin Explodes: 10% Jump Hints at Bigger Crypto Boom to Come

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Dogecoin is experiencing a surge, climbing about 11% to reach a peak of $0.419 during early trading on Friday – the highest DOGE price seen in nearly five weeks. This leap corresponds with a fresh wave of bullish sentiment across the broader cryptocurrency market, where alternative coins like Dogecoin are witnessing price hikes as Bitcoin recovers and moves above the $100,000 mark.

After a widespread drop in the cryptocurrency market on Monday which led Bitcoin to briefly fall beneath $90,000 and other digital currencies to experience substantial declines, the markets started to rebound following encouraging U.S. inflation statistics.

Currently, as I’m typing, DOGE has increased by 10.03% within the last 24 hours to reach a value of $0.411. Dogecoin started climbing after finding support at its lowest point of $0.30 on January 13th. Since then, it has been on a path to be green for four out of five consecutive days.

Due to its recent increase, Dogecoin (DOGE) has climbed over the closely watched 50-day Simple Moving Average (SMA) at $0.3714, suggesting a bullish trend. This surge has traders questioning if DOGE will continue its upward trajectory if the current price rise above the daily SMA 50 maintains positive momentum.

Is this just the beginning?

Historically, January tends to be Dogecoin’s strongest month, boasting an average increase of approximately 85%. However, there have been exceptional years like 2014 and 2021 where returns reached as high as 250% and 700%, respectively. On a more regular basis, the median performance is 5%, making it the second most profitable month after October (which has an 8% median). As of now, Dogecoin has already seen a gain of close to 30% in January this year.

Based on the analysis by crypto expert Ali, Dogecoin (DOGE) experienced a second surge in its upward trend on January 25, 2021, following a 56% price drop. In recent times, DOGE has seen a decrease of approximately 46% in value. If history follows the same pattern, Ali foresees Dogecoin’s next growth spurt may commence soon.

By the year 2025, Dogecoin may reach one dollar, surpassing its previous peak value of $0.737 from May 2021 by approximately 45%. As per Galaxy Digital’s Head of Research Alex Thorn in a forecast for next year, Dogecoin could achieve a market cap of $100 billion upon reaching this milestone.

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2025-01-17 14:20