Dogecoin (DOGE) Has Less Than Four Days to Make History in 2024

Cryptorank data has DOGE price pegged to a monthly growth average of 22.2% in December. In the last 10 years, DOGE has registered these monthly average growth

Dogecoin (CRYPTO: DOGE) is having less than four days to make history in 2024.

Cryptorank data shows an average monthly growth of 22.2% for DOGE in December. Over the last 10 years, as DOGE has charted its growth as a top 10 coin, it has registered the following monthly average growth figures:

Over the last 10 years, as DOGE has charted its growth as a top 10 coin, it has registered the following monthly average growth figures:

However, to align with its December monthly figures, Dogecoin will need to witness a massive rally — a growth rate of nearly 50% — to square up with its December monthly figures.

Historical patterns and current challenges

Currently, DOGE is down by a significant 23% this December.

To square up with its December monthly figures, Dogecoin must witness a massive rally. That is, it should have a growth rate of about 50% to align with history.

In 2017, when DOGE posted the highest growth rate of 337.5% in December, it preceded this performance with a significant 81.9% rise in November.

Considering that DOGE has registered growth of 161.5% in November, analysts project that the meme coin might pull a last-minute surprise on the market.

For this to happen within the remaining four days, the ecosystem will need to rally support.

Although a 50% rally appears to be a huge challenge, market observers are hoping that the ongoing bullish cycle will lend support. Furthermore, DOGE’s historic record is fueling anticipation for a repeat of its previous achievements, especially amid heightened adoption.

At press time, DOGE price was trading up 0.93% at $0.3202. Nevertheless, trading volume was down by 11.17% at $2.31 billion.

The lingering price fluctuation might have dampened investors’ confidence in the last 24 hours.

Can history repeat itself?

Despite this, DOGE appears to have rebounded well from its previous low of $0.3103 in earlier trading. As reported earlier by U.Today, the downtrend for DOGE may be over as the meme coin looks to stabilize at the current price levels.

However, analysis shows the coin needs to breach the 50 EMA at $0.36 to revive optimism among traders and investors.

Interestingly, December has historically been a notable month for Dogecoin, as the asset first flipped $1 billion in market capitalization seven years ago.

Hence, there might be a slight chance it could repeat history to attain its average growth rate.