Recently, Dogecoin’s (DOGE) lackluster market actions have emerged as a source of considerable concern among market participants, especially Dogecoin’s holders and other intending investors.
While it still maintains its position as the world’s most valuable meme crypto asset with a market cap of about $18.06 billion, the Elon Musk-inspired cryptocurrency has been registering sideways prices with marked declines evidenced by its specific periods to date statistics.
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Expert Wade’s In To Explain DOGE’s Lacklustre Market Actions
According to CoinGecko’s price readings, Dogecoin is trading at about $0.124, mirroring a subtle upswing of about 0.6% from the previous day. The meme coin’s 7-day-to-date, 14-day-to-date, and month-to-date variables indicated declines of approximately 0.8%, 11.4%, and 25.4%, respectively, underscoring a broader picture of Dogecoin’s unimpressive market actions.
Amid the growing concerns hovering around DOGE’s uncertain future, a renowned market expert and Bitcoin (BTC) enthusiast, with the pseudonym “CryptoKaleo” recently took to his verified X handle to sensitize his over 642K followers on why Dogecoin has been poor in recent weeks via a lengthy post.
The remaining part of this insight shall dwell on CryptoKaleo’s tweet as we attempt to break down his claims, which intensively explained DOGE’s lackluster market actions, with insights on when Dogecoin will hit $1 or even $2.
Overview Of Dogecoin’s Market Trends For The Past Ten Years
According to the market expert, Dogecoin has existed for about 10.5 years, of which it has spent 9.5 years trading sideways boring figures and even declines; the remaining single year encompassed all the periods with significant pumping actions in the DOGE’s price movements.
Notably, the two most significant price appreciation episodes, making up the one year of remarkable Dogecoin price actions, saw the token skyrocket by about 6,000% and 30,000%, summing up how massive DOGE could get to appreciate on a good day.
Halving Events Correlation With DOGE’s Remarkable Spikes
Going further into his explanations, CryptoKaleo highlighted a pattern that has been consistent in three previous market cycles. According to him, it takes approximately eight to nine months after BTC’s halving event before a massive DOGE pump will happen.
Relating the estimate above to the current cycle, the analyst stated that we are only two months into the 2024 post-Bitcoin halving period. Hence, Dogecoin’s surge should happen between December 2024 and February 2025.
Price Reversal Remains A Viable Possibility
Having established that Dogecoin’s market actions had not been the least impressive, the market expert also speculated on the possibilities of further declines that might see the token drop around the 8 to 10 cents ($0.008 to $0.1) price region.
CryptoKaleo backed the possible price drops claims with a 30% decline in August 2020 that birthed DOGE’s mainstream adoption spike and massive price appreciations.
Also Read: Dogecoin Price Prediction 2024 – 2040
Dogecoin Will Hit $1 – $2 This Cycle
Rounding up his take on what he anticipates for Dogecoin in this cycle, the market expert stated, “I have been a bit overeager to see Dogecoin catch up with the moves we have seen across the rest of the meme coin market without zooming out and considering previous cycles. I still believe we are in a meme coin supercycle, where we will see DOGE spike to $1 – $2,” stressing further, CryptoKaleo added, “History just says we most likely have a little bit of time left to prep for it before it happens.”
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