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Dogecoin’s price has declined sharply, but historical patterns suggest this drop could precede a significant bull run, according to analyst Ali Martinez.
Key metrics for the meme coin, including increases in active wallets, transaction volumes, and daily addresses, indicate sustained interest and activity.The largest meme coin in terms of market capitalizationseveral occasions in the past years when the meme coin’s price plunged before spiking exponentially. The first case was in 2017 when DOGE retraced by 40% before exploding by almost 1,000%.
The situation repeated in 2021, with the asset’s valuation tumbling by 56% but later skyrocketing by a whopping 12,000%, reaching an all-time high of almost $0.70.again broken out of a descending triangle! It is currently undergoing a 47% price correction, very similar to previous cycles, which could ignite the next DOGE bull run,” Ali Martinez concluded.
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