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Dogecoin (DOGE) has less than four days to make history in 2024. Crypto Rank Data Is DOGE price pegged to average monthly growth of 22.2% in December. Over the past 10 years, DOGE has seen these average monthly growth numbers as it ranks its growth among the top 10 tokens.
Historical models and current challenges
However, DOGE is currently down 23% in December. To match its December monthly numbers, Dogecoin needs to see a massive rally. That is, it would have to have a growth rate of around 50% to align with history.
In 2017, when DOGE posted the highest growth rate of 337.5% in December, it preceded this performance with a significant rise of 81.9% in November.
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Analysts predict that with DOGE recording 161.5% growth in November, Dogecoin could spring a last-minute surprise in the market. They argue that for this to happen in the remaining four days, the ecosystem must rally support.
Although a 50% rise appears to be a huge challenge, market watchers are hopeful that the ongoing bull cycle could provide support. Additionally, DOGE’s all-time high fuels anticipation of a repeat of its previous achievements amid increased adoption.
At the time of writing, the price of DOGE was trade up 0.93% to $0.3202. However, trading volume remains down 11.17% to $2.31 billion.
The persistent price fluctuation may have dented investor confidence over the past 24 hours.
Can history repeat itself?
Nonetheless, DOGE appears to have rebounded well from its previous low of $0.3103 in previous trading. As reported earlier in the United States. Today, DOGE’s downtrend might have come to an end as the meme coin appears to be stabilizing at current price levels.
However, the analysis shows that the coin needs to cross the 50 EMA at $0.36 to revive optimism among traders and investors.
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Interestingly, December has always been a notable month for Dogecoin as the asset reversed for the first time. $1 billion in market capitalization seven years ago.
So there might be a slight chance that it could repeat history to achieve its average growth rate.