Crypto Chartist Ali Martinez Expresses Confidence in Dogecoin's Growth Potential, Says DOGE's Popularity Is Still Far from Its 2021 Peak

Dogecoin had an impressive rally earlier this month amid Elon Musk's indirect endorsement of the asset through his mention of D.O.G.E

Prominent crypto chartist Ali Martinez remains optimistic about Dogecoin’s growth potential, suggesting that the meme coin’s popularity is still far from its 2021 peak.

Dogecoin experienced a significant rally earlier this month after Elon Musk indirectly endorsed the asset by mentioning D.O.G.E. (the Department of Government Efficiency) in a tweet. This caused the price of DOGE to surge over 100% to $0.4359.

However, like other major crypto assets, Dogecoin’s price quickly dropped after the rally, falling below the $0.4 mark and reaching around $0.35. Following this decline, some critics suggested that the token would not see another price surge.

According to Martinez, these critics cite factors such as better memes and market cap limitations as possible reasons Dogecoin may not embark on another rally.

Dogecoin Still Far from Its 2021 Interest

Reacting, Martinez highlighted that despite Dogecoin’s recent rally, the meme coin is still far from the popularity level it attained in 2021. He supported this claim with a chart showing Dogecoin’s price action and corresponding Google Trends’ interest in a 7-day timeframe.

I read people saying #Dogecoin will not go higher because of "market cap," "sell the news," "better memes."

Well, when you look at the interest in $DOGE over time, it isn't even at peak popularity yet.

Long story short, #DOGE has waaay more room to grow.

#HODL pic.twitter.com/IK6KKIEtQO

— Ali (@ali_charts) November 17, 2024

Based on the data, the price of Dogecoin rises alongside its interest over time in 2021. For instance, when DOGE’s popularity surged to 53 from January 24 – 30, 2021, the token’s price also rose to around $0.014.

Three months later, according to the data cited by Martinez, Dogecoin’s popularity increased to 73, corresponding with a price surge to $0.05. The chart suggested that Dogecoin surged to its all-time high of $0.7376 in May 2021, when its interest over time peaked at 100.

However, Dogecoin’s recent surge occurred without the asset attaining its peak popularity, as observed in 2021.

Per the chart, Dogecoin’s popularity was less than 50 when it surged over 100% to $0.4759 earlier this month. This suggests that Dogecoin still has enormous room for growth if its popularity reaches the levels observed in 2021.

“DOGE has waaay more room to grow,” Martinez said, urging investors to continue HODLing.

Dogecoin’s popularity level currently stands at 18, as the asset continues to trade around the $0.37 territory. Priced at $0.3749, Dogecoin is up 4.39% in the past day and 33.45% over the past week.