Dogecoin's Amazing Surge in 2024: A Closer Look

Click on the avatar live, watch the live broadcast to understand the bull market! ! !

According to Finbold, Dogecoin (DOGE), the original meme coin, has experienced a significant rise in 2024, although it has not yet reached the level of Bitcoin (BTC) rising to $100,000 or XRP exceeding $2. Nevertheless, Dogecoin's performance is still worth paying attention to, providing investors with considerable returns. As of December 13, 2024, the price of Dogecoin has soared to $0.40381, a significant increase from the price of $0.005685 on January 1, 2021. This price trend means that a $1,000 investment in Dogecoin at the beginning of 2021 would grow to approximately $70,978, an increase of 7,003.08%.

However, those who strategically sold Dogecoin when it peaked in May 2021 could have turned a $1,000 investment into $120,453 in a matter of months. In the current bull run, Dogecoin is priced at $0.09206 at the start of 2024, with a year-to-date gain of 352.14%. A $1,000 investment on January 1, 2024 would have purchased over 10,862 Dogecoins, which would have been worth $4,386 by December 13, 2024.

Despite Dogecoin’s impressive performance, it is not the best performing meme coin for long-term holders. Finbold’s calculations show that a $1,000 investment in Shiba Inu (SHIB) on January 1, 2021 would have grown to $172,888 on December 12, 2024. For long-term Dogecoin investors, the key question at the end of 2024 is whether to continue holding the coin. While there is no clear answer, investors who bought after May 2021 and before November 2024 may consider taking profits.

Crypto market sentiment suggests that the bull cycle is still in its early stages. Dogecoin looks relatively stable, with a relative strength index (RSI) of 55.23, indicating that it is neither overbought nor oversold. In addition, DOGE has experienced 17 up days in the past 30 days, reflecting optimistic investor sentiment and confidence in its continued upward trajectory.