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Dogecoin (CRYPTO: DOGE) may be due a rally in September after the current bottom formation, according to traders.
What Happened: Crypto analyst Dima James Potts thinks the meme coin is poised for a bull run potentially starting as early as September’s first week. He expects predominantly green weeks as the year progresses, like previous cycles after a price bottom has been established.
He further noted that every third year of the cycle, Dogecoin’s price increases and predicts that this year will close around $0.31, 3.5 times the starting price of $0.09051 at the beginning of the year.
Dogecoin could experience some of its most substantial price increases in 2025, similar to previous cycles, according to the trader. In the 2017 cycle, Dogecoin saw a 9,000% increase, followed by an 18,000% increase in the 2021 cycle. If this trend continues, Potts thinks that we may witness an equally impressive, if not larger, price appreciation in the third cycle.
Why It Matters: This analysis is based on historical patterns of Dogecoin’s price action, but investors need to remember that cryptocurrency markets are notoriously volatile and unpredictable.
Dogecoin's large transaction volume is down 36%, while exchanges’ netflows decreased by 115.2%, according to IntoTheBlock data. 74% of Dogecoin holders are currently in profit.
Whale Alert data reported 118.9 million DOGE, worth $13.3 million, transferred from an unknown wallet to Binance.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Posted In: $DOGE
