Dogecoin is among the top crypto assets that enthusiasts have high hopes for in the 2025 bull market.
This is largely due to its unique position as an original meme coin and its historic performance over the previous two bull seasons. Additionally, Dogecoin enjoys the influential support of the richest man in the world, Elon Musk. These factors continue to fuel the bullish sentiment around Dogecoin.
In this article, The Crypto Basic explores the potential price of Dogecoin in this market cycle, assuming it replicates its performance after the 2020 Bitcoin halving.
Historic performance of Dogecoin after Bitcoin halving
Notably, the 2020 Bitcoin halving took place on May 11, 2020. On that day, Dogecoin was trade with two leading zeros at $0.002406. At the time, Bitcoin itself was trading at $8,374.
The price of Bitcoin gradually improved over the following weeks, surpassing $11,000 in August 2020. It consolidated around this price until the last quarter of the year, when a breakout occurred. As of December 31, 2020, Bitcoin had reached $29,300 and subsequently reached the $30,000 range in January 2021.
The price of Bitcoin would double in less than three months, reaching over $61,000 in April 2021. A major bearish correction followed, dropping the price to $29,000 in July 2021. However, Bitcoin’s uptrend resumed, reaching a record level. cycle high at $69,000 in November 2021.
Dogecoin has largely mirrored the path of Bitcoin. It first saw a gradual uptrend following Bitcoin’s halving in 2020. In Q4 2020, Dogecoin saw a major breakout similar to Bitcoin, rising significantly from around $0.0025 to 0.0047 $. During the first week of 2021, Dogecoin had removed a zero, trading at $0.01387.
This represents an impressive 470% gain from the Dogecoin price on the halving day. Dogecoin’s bullish momentum did not significantly subside and continued throughout the first quarter of 2021.
In the second quarter of 2021, Dogecoin dropped another zero, generating more interest in the meme coin. It eventually reached an all-time high of $0.7376 in May 2021.
From its half-day low of $0.002416 to its all-time high of $0.7376, Dogecoin price increased by 30,429%. This resulted in an incredible 304X return for Dogecoin holders.
What if Dogecoin repeated this performance?
Now the question arises: can we Dogecoin reproduce another 30,429% gain in this cycle? Notably, Dogecoin traded at a low of $0.1563 when the Bitcoin network reward was halved in April 2024.
With Dogecoin currently trading at $0.3336, it has already surged 113% from that low. Considering its highest price of $0.485 since this halving, the gains have exceeded 210%.
If Dogecoin were to repeat its previous gain of 30,429% from its halving low of $0.1563, its price would reach $48. It is interesting to note that many analysts have speculated on this possibility.
However, this price level would push Dogecoin’s market capitalization beyond $7 trillion, a highly speculative scenario. Such a high valuation would limit the likelihood of such an outcome.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.