DOGE May See Massive Rise If A Prediction Comes True

Ali Martinez, the renowned crypto analyst, shared a compelling forecast for the leading meme token in the market, Dogecoin.

The latest analysis of the largest meme token by market cap indicates that it might be on the verge of a huge surge, which would be reminiscent of previous bull markets.

The pattern

It should be noted that Martinez has a history of making insightful crypto predictions, especially where Dogecoin is concerned.

The analyst said that the price action of the popular meme token seems to be following a pattern that was observed during its historical bull runs.

Martinez analyzed the price charts rather meticulously and managed to identify a recurring cycle, which shows that DOGE undergoes a phase of accumulation.

It is then followed by a period of exponential growth. Martinez also shared a chart that highlighted the price movements of the dog-themed meme token over time.

It highlighted the major periods of accumulation that occurred before a remarkable increase in the value of Dogecoin.

Historical data shows that in the history of the meme token, every 679 days of price accumulation resulted in substantial and massive growth in DOGE.

The history

This was first seen in the bull run in 2017 when the original meme token recorded an increase in its price of a whopping 8.773%.

The next time it happened was in 2020 and this saw the value of the meme token rise by a staggering 23.740%.

What is intriguing is that Martinez highlighted that a similar accumulation pattern in Dogecoin can currently be seen.

This first began on June 13th, 2022. Keeping this analysis in mind, Martinez believes that this could see Dogecoin record a parabolic ascent.

The analyst expects it to happen around the week of April 22nd, 2024, which would be similar to the previous bullish cycles.

Will history repeat?

The latest market data shows that currently, Dogecoin stands as the 10th largest crypto token in the market in terms of market cap.

Its market capitalization stands at around $12.26 billion, which also makes it the largest meme token currently in the market.

At publishing time, the meme token was changing hands at a value of $0.086. If history does repeat itself, then DOGE could see another amazing chapter in its journey in the crypto landscape.

It is also worth noting that Bitcoin’s halving is also scheduled to happen in April, which is expected to have an impact on the broader crypto market.

This impact will also be felt by altcoins, including Dogecoin, and this could also be a factor in its rise in price.