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Dogecoin Historic Performance Post-Bitcoin Halving
Notably, the 2020 Bitcoin halving occurred on May 11, 2020. On that day, Dogecoin was trading with two leading zeros at $0.002406. At the time, Bitcoin itself was trading at $8,374.
$BTC price gradually improved over the following weeks, surpassing $11K by August 2020. It consolidated around this price until the last quarter of the year, when a breakout occurred. By December 31, 2020, Bitcoin had reached $29,300 and later broke into the $30K range by January 2021.
Bitcoin would go on to double in price in less than three months, reaching over $61K by April 2021. A major bearish correction followed, causing the price to dip to $29K by July 2021. However, Bitcoin’s uptrend resumed, reaching an all-time high for the cycle at $69K in November 2021.
Dogecoin largely mirrored Bitcoin’s path. It first saw a gradual uptrend after Bitcoin’s halving in 2020. By Q4 2020, Dogecoin saw a major breakout similar to Bitcoin, rising dramatically from around $0.0025 to $0.0047. By the first week of 2021, Dogecoin had removed a zero, trading at $0.01387.
This marked an impressive 470% gain from Dogecoin’s price on the day of the halving. Dogecoin’s bullish momentum didn’t cool off significantly, continuing throughout the first quarter of 2021.
By Q2 2021, Dogecoin removed another zero, generating further interest in the meme coin. It eventually reached an all-time high of $0.7376 in May 2021.
From its halving-day low of $0.002416 to its all-time high of $0.7376, Dogecoin’s price rose by 30,429%. This translated into an incredible 304X return for Dogecoin holders.
What If Dogecoin Repeats This Performance?
Now, the question arises: can Dogecoin replicate another 30,429% gain in this cycle? Notably, Dogecoin traded at a low of $0.1563 when Bitcoin’s network reward halved in April 2024.
With Dogecoin currently trading at $0.3336, it has already surged by 113% from that low. Considering its highest price of $0.485 since that halving, the gains have been over 210%.
If Dogecoin were to repeat its previous 30,429% gain from its halving low of $0.1563, its price would reach $48. Interestingly, numerous analysts have speculated about this possibility.
However, this price point would elevate Dogecoin’s market cap beyond $7 trillion, a highly speculative scenario. Such a high valuation would limit the likelihood of this outcome.
#BTCVSDOGE #DOGEComeBack
#NFPCryptolmpact #USJobsSurge256K
$BTC price gradually improved over the following weeks, surpassing $11K by August 2020. It consolidated around this price until the last quarter of the year, when a breakout occurred. By December 31, 2020, Bitcoin had reached $29,300 and later broke into the $30K range by January 2021.
Bitcoin would go on to double in price in less than three months, reaching over $61K by April 2021. A major bearish correction followed, causing the price to dip to $29K by July 2021. However, Bitcoin’s uptrend resumed, reaching an all-time high for the cycle at $69K in November 2021.
Dogecoin largely mirrored Bitcoin’s path. It first saw a gradual uptrend after Bitcoin’s halving in 2020. By Q4 2020, Dogecoin saw a major breakout similar to Bitcoin, rising dramatically from around $0.0025 to $0.0047. By the first week of 2021, Dogecoin had removed a zero, trading at $0.01387.
This marked an impressive 470% gain from Dogecoin’s price on the day of the halving. Dogecoin’s bullish momentum didn’t cool off significantly, continuing throughout the first quarter of 2021.
By Q2 2021, Dogecoin removed another zero, generating further interest in the meme coin. It eventually reached an all-time high of $0.7376 in May 2021.
From its halving-day low of $0.002416 to its all-time high of $0.7376, Dogecoin’s price rose by 30,429%. This translated into an incredible 304X return for Dogecoin holders.
What If Dogecoin Repeats This Performance?
Now, the question arises: can Dogecoin replicate another 30,429% gain in this cycle? Notably, Dogecoin traded at a low of $0.1563 when Bitcoin’s network reward halved in April 2024.
With Dogecoin currently trading at $0.3336, it has already surged by 113% from that low. Considering its highest price of $0.485 since that halving, the gains have been over 210%.
If Dogecoin were to repeat its previous 30,429% gain from its halving low of $0.1563, its price would reach $48. Interestingly, numerous analysts have speculated about this possibility.
However, this price point would elevate Dogecoin’s market cap beyond $7 trillion, a highly speculative scenario. Such a high valuation would limit the likelihood of this outcome.
#BTCVSDOGE #DOGEComeBack
#NFPCryptolmpact #USJobsSurge256K
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