Amidst surging network activity, striking parallels between Dogecoin’s recent price action and its historical behavior in 2020 have emerged.
Just as before, DOGE has broken out of a descending triangle formation and is now in a consolidation phase, reminiscent of its previous trajectory. In 2020, this pattern preceded an astounding surge of 28,770%.
Crypto analyst Ali Martinez suggested that history might repeat itself, hinting at the possibility of another substantial bull run for Dogecoin in the near future.
Despite sustaining steady growth amidst a broader market surge, Dogecoin has been ousted from the top 10 cryptocurrencies by market capitalization.
Nevertheless, a growth trajectory reminiscent of its 2020 cycle suggests the potential for the original meme coin to reach a new peak.
The price action of #Dogecoin is showing familiar patterns reminiscent of its 2020 behavior. Back then, $DOGE broke out from a descending triangle, entered a period of consolidation, and then skyrocketed by 28,770%.
Currently, #DOGE appears to be mirroring this pattern: having… pic.twitter.com/69yXnlYRJd
— Ali (@ali_charts) February 23, 2024
However, such a trend may seem overly ambitious, given the asset’s supply constraints.
It is still important to note that Dogecoin witnessed a massive network surge on January 29th with the creation of 247,240 new DOGE addresses.
Italian sports car manufacturer Ferrari, which has recently been embracing crypto within its operations, announced the addition of Dogecoin to already existing assets such as Bitcoin, Ether, and USDC for payment options in the US.
Dogecoin also serves as a payment avenue for prominent brands such as watchmaker Tag Heuer and fashion label Gucci. Additionally, AMC Theatres, a movie theater chain based in the US, offers Dogecoin as a payment alternative for purchasing tickets.
More recently, SpaceX has said that it would accept the meme coin as payment for rescheduling the highly anticipated DOGE-1 Mission to the Moon.
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