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Major and probably most popular meme cryptocurrency Dogecoin (DOGE) is poised for a stunning 91% rally over the upcoming month of January. As revealed through CryptoRank data, DOGE’s average return in January is 91.5% with over 10 years of data.
Interestingly, despite the fact that Dogecoin was created in 2013, its most profitable January took place in 2021, when the price of the meme coin skyrocketed by 711.5%. After that, however, it was not as successful for DOGE, with declines in two of them and an increase of 37.2% in 2023.
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The broader picture however shows that only five out of eleven Januarys closed in the green, and statistically, as things stand, there is a higher probability that DOGE will fall in January. The median of Dogecoin returns also suggests this, being -7.95%.
So these are currently two different routes for DOGE in January.
Ethereum to the rescue
In support of a potential rally for DOGE in January, price history for Ethereum and other major alt cryptocurrencies signals the likelihood of an upcoming alt season.
According to the data, Ethereum experienced five consecutive months of positive average and median returns, spanning January through May. Additionally, the lowest median return during this period for ETH remains at 12.1%.
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If Ethereum finally demonstrates its strength and launches the long-awaited alt season, it is clear that DOGE will likely follow suit. In this scenario, the projections for The price of Dogecoin growth would not be limited to just the month of January. However, let’s first see how the first month goes.