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On Monday, a widely followed X-rated personality drew attention to a potential surge in numbers. Dogecoin (CRYPTO: DOGE) price following the next presidential inauguration.
What happened: Cephiia strong supporter of the world’s largest coin, pointed out the historical pattern of Dogecoin’s rise after the presidential inauguration.
Cephil noted that the dog-themed cryptocurrency surged nearly 1,100% a week after the inauguration of Joe Biden in 2021.
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It is worth noting that although DOGE recovered after the swearing-in, the surge was not as sudden. It took a month for the asset to gain almost 500% since the inauguration.
The influencer further pointed out that the post-election pattern this time around is “almost identical” to that of 2021, implying a repeat of the rally.
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Another technical analyst, under the pseudonym Chandlerrecalled that DOGE reached a new all-time high eight days after the inauguration. To replicate the feat, DOGE would need to double in value to $0.7316.
At the same time, sentiment has also changed in the derivatives market. The number of traders placing bullish bets on Bitcoin has surpassed those who shorted the asset in the past 24 hours, according to to the Long/Short Ratio indicator.