Dogecoin (DOGE) Emerges as a Top Performer in the Meme Mania

The recent appointment by the Trump administration of Elon Musk to lead the newly proposed Department of Government Efficiency (DOGE) places the meme-inspired token in the spotlight once again.

Dogecoin (CRYPTO: DOGE) has had a stellar year so far, emerging as one of the top performers in the meme mania. Now, with the recent appointment by the Trump administration of Elon Musk to lead the newly proposed Department of Government Efficiency (DOGE), the meme-inspired token is being thrust into the spotlight once again.

Popular crypto expert Ali Martinez took to Twitter to highlight some of Dogecoin's historical price movements, which have included some staggering gains. Back in 2017, the token managed to create history by recording stellar gains of up to 9720%. However, the token also underwent multiple corrections, which mostly settled the price at a reason-centric level. Continuing in the same vein, 2021 saw DOGE surging by an astonishing 30,700%, with two major pullbacks of 46% and 53%.

“In 2017, #Dogecoin surged 9,470%, with two major corrections along the way—one at 40% and another at 84%. In 2021, $DOGE rocketed 30,700%, again seeing two key pullbacks of 46% and 53%,” said Martinez.

Dogecoin's Impressive 240% Monthly Gain

While the current momentum of Dogecoin continues to build, with the token currently trading at $0.39, the token price did face a 4% decline over the last 24 hours. However, Ali called on investors not to be concerned with the occasional dips and retests that the cryptocurrency may undergo. He emphasized that patience and conviction are crucial for those aiming to become “true #DogecoinMillionaires.”

All that DOGE has had in recent times is an impressive run, gaining 240% in the last 30 days to propel its market capitalization to $60 billion. This roller coaster ride has propelled DOGE to become one of the best types of cryptocurrencies in the meme coins market.

Technically, Dogecoin has rented above its 20-day and 50-day EMAs, adding more power to its bullish bounce. The token has charted an inverse cup and handle pattern on the weekly chart, which, if classically treated as a bullish reversal, puts the heavier target at a $1 — 163% increase from its current price.

Dogecoin Hits 6 Million Transactions Milestone

The surge in DOGE network activity on the back of increased popularity is evidenced by over 6 million transactions being processed within the last week, according to IntoTheBlock. Furthermore, Santiment data also indicates a surge in wallet addresses holding less than 100,000 DOGE – a sign of growing interest from smaller investors.

Adding to the cheer, influential crypto voices are suggesting that the token could go even higher. According to Crypto Kaleo, a historical cycle in Dogecoin suggests the token is at the very beginning of another major impulse move that will take it to new all-time highs. DOGE also follows a pattern of rallying around 200 days after each Bitcoin halving, then tacking on notable gains in price.

As Dogecoin continues to defy expectations and soar to new heights, many investors are now eyeing the $1 mark as a potential price target, further fueling interest in the token as one of the best meme coins to add to their portfolios in the current market environment.