30s Summary

Dogecoin, a cryptocurrency that surged 8,000% in price last year, is showing signs of a potential upswing. After recovering 480% from its August slump, with 220% of that after Trump’s election win, DOGE’s price patterns now resemble those prior to last year’s major surge. An increase in buying activity and “whale” investors, who hold a million or more DOGE, suggest price could rise again. Elon Musk’s backing of the Department of Government Efficiency, sharing the initials DOGE, has also spurred interest in the crypto.

Full Article

Dogecoin—a popular cryptocurrency with a Shiba Inu dog as its logo—is showing pricing patterns that look eerily similar to just before it had a massive 8,000% price surge last year. People are now whispering about another big price upswing on the horizon.

Dogecoin (or DOGE, as some call it) has already bounced back a whopping 480% from its August slump, with 220% of that increase happening after Trump won the U.S. elections. Still, it seems to be holding steady for now.

You can see it in the chart below—DOGE’s value is hovering between $0.39 and $0.48 (shown by the red circles), just like it was early last year before it took off.

And that’s not the only thing mirroring last year’s patterns. The weekly relative strength index (or RSI, a metric that measures price momentum) is showing signs it’s being overbought (i.e., more people are buying it than selling it). When that happened last year, the price didn’t go down—it went up! So, if history repeats itself, we could see DOGE going up to $0.75 by January 2025, an increase of 85%.

Data that tracks large-scale buying and selling, sometimes called “whale activity,” is also signalling a possible price increase. Reports show that people who hold a million or more DOGE have 130.2 billion DOGE altogether—the highest it’s ever been. These big-time holders seem to believe DOGE is going up.

Indeed, we saw a similar spike in whale activity right before DOGE’s price surge last year.

As always, Elon Musk’s tweets and activities have a big influence on how DOGE performs, and they seem to encourage these “whales” to buy more. Just recently, his backing of the new Department of Government Efficiency (which happens to share the same initials as Dogecoin—DOGE) sparked renewed interest and speculation about what’s to come for the world’s most famous “meme” coin.

Just a heads up—this isn’t investment advice! Every investment and trade has risks, so you should do your own research and decide what’s right for you.