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- Dogecoin (DOGE) has experienced a 47% correction in the last month which is typical of the memecoin a leading crypto analyst proclaims.
- DOGE could stage a 12,197% surge, this could be fueled by the potential integration of the coin to the X platform as hinted by Elon Musk.
Dogecoin (DOGE), like a majority of cryptocurrencies is trading in the red zone. Led by Bitcoin (BTC), which has recently plummeted under $60,000, altcoins have recorded a bloodbath with DOGE losing nearly 32% in the last 30 days.
Popular crypto analyst Ali Martinez foresees a price rally as imminent. The analyst points to similar cycles, which proves that the memecoin goes on a correction before staging a recovery to new records.
It is typical for large-cap coins to record a 30% correction after an explosive performance. This correction allows smart investors to accumulate more coins ahead of a continued upward trajectory.
At the time of writing, DOGE is trading for $0.13 after a 4% surge in the last 24 hours. This has helped the memecoin recuperate part of its 12% weekly losses. Ali Martinez notes, “The ongoing [Dogecoin] price correction is part of its usual behavior before massive bull runs!”
Now, in 2024, #DOGE has yet again broken out of a descending triangle!
It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next $DOGE bull run! pic.twitter.com/ZmuHmvIwei
— Ali (@ali_charts) May 1, 2024
Finding similarities between the 2021 bull run and the upcoming 2024 rally, Martinez adds that DOGE rallied by more than a 12,000% rally after a 56% retracement.
Additionally, the Bitcoin halving could have a major influence on DOGE as CNF reported. In 2020, the halving took place in mid-May, cutting the block reward from 12.5 BTC to 6.25 BTC. The Dogecoin price barely moved at first, but by the end of the year, it had nearly doubled, trading at $0.0048.
Elon Musk’s influence continues to affect prices with many speculating that the Dogecoin enthusiast with integrate DOGE into his “X everything app.”
Investors and prominent traders have backed this outlook with crypto trader Kevin noting that the 0.125-0.13 cents level would be key to validating the bullish market. With prices trading above the $0.13 level, bulls are increasingly taking control of the market.
It is important to note that, unlike previous cycles, DOGE’s influence has waned. The memecoin has faced intense competition from up-and-coming memecoins notably Shiba Inu (SHIB). SHIB, which is up by 4% in the last 24 hours, has seen its popularity skyrocket in recent weeks, climbing to the 11th-ranked cryptocurrency with a market cap of $13.5 billion. For comparison, DOGE is ranked 8th with a market cap of $19.1 billion.
Market experts speculate that SHIB could flip DOGE as it eyes a top-ten ranking. As CNF reported, this will largely be influenced by its growing ecosystem. DOGE’s market share is further saturated by the emergence of PEPE and Solana-based memecoins such as WIF, all of which have seen their prices stage remarkable returns.
