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Dogecoin (DOGE), one of the most well-known and popular meme cryptocurrencies out there, is about to hit a big turning point this January. According to CryptoRank, it has averaged a 83.9% return over the last decade, so January is usually the best month for it. For Dogecoin, this month has often been a big winner, but history shows that not all Januaries are created equal.
This January is shaping up to be pretty interesting, with a chance for a big rally. In the past, DOGE has shown that it can make impressive gains, with its most notable surge occurring in 2021 when the price skyrocketed by over 700%.
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This year, it is already showing a lot of promise. DOGE closed December at $0.316 per coin, which is the highest it has been since the bull run of 2021. On top of that, the latest monthly candle closed above a key support zone, which is a good sign for bulls.
But there is more to the story. In the past, only five out of eleven Januaries have been good for Dogecoin, so the chance of a drop is still there. And on top of that, the median January return is a loss of 3.86% — so it is true that the optimism is understandable, but it’s not like the risk of a slump is exactly off the table.
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Investors and enthusiasts are trying to find that sweet spot between what’s possible and what’s likely. It is hard to say if Dogecoin will keep going up or dip down, but one thing is for sure: We can learn a lot from how things have done in the past.
Disclaimer: The opinions expressed by our writers are their
own and do not represent the views of U.Today. The financial and market information
provided on U.Today is intended for informational purposes only. U.Today is not
liable for any financial losses incurred while trading cryptocurrencies. Conduct
your own research by contacting financial experts before making any investment
decisions. We believe that all content is accurate as of the date of publication,
but certain offers mentioned may no longer be available.