Based on current on-chain data, Dogecoin (DOGE) appears to be holding onto its most recent rally. At $0.07264, the most popular meme coin has increased in value by 2.71% during the last 24 hours. Since the beginning of the month, Dogecoin has increased by 4.46% in the last week.
This week-to-date (WTD) increase might signal the beginning of Dogecoin’s record-breaking run. Dogecoin’s progress since 2014 has been marked, according to statistics from CryptoRank, by one November with a gain and two following losses.
November 2014 saw a 2.58% increase, but November 2015 saw a 6.32% decline, bucking the trend. When DOGE had a 2.72% decline in November 2016, the same bearish pattern was seen. In November 2017, optimism resurfaced when the meme coin—which at the time had no rivals—printed growth of more than 81%.
The pattern persisted once more, with losses in Novembers 2018 and 2019 and a 38.7% surge in November 2020. The next two Novembers saw declines of 14.6% and 23.4%, respectively, and many feel that this decline has set the stage for an early closure this month. The pattern is very obvious, and given the coin’s current price forecast, optimism is higher.
Wielding the Dogecoin charm
By default, Dogecoin has a brilliant history of backing from the top proponents in the business, like Mark Cuban and Elon Musk. Even if it appears that their campaigning has slowed down in recent months, investors nevertheless take their influence into account when deciding whether to continue supporting DOGE.
This provides evidence of the increasing usefulness of DOGE as a payment token and explains the apparent whale transactions that have been reported recently. Even though Dogecoin has received hundreds of new meme coin rivals since 2020, it has been able to hold onto its $10.25 billion market valuation, making it the ninth largest cryptocurrency.
DOGE’s bullish impulses are also supported by current market indicators, but only time will tell if the currency will repeat its past.
