Dogecoin’s 47% Correction Typical: DOGE Bull Run Expected
  • Dogecoin (DOGE) experienced a 47% correction last month, which is typical of a meme coin declared by leading cryptocurrency analysts.
  • DOGE could surge 12,197%, which could be fueled by the possibility of integrating the coin into the X platform, as suggested by Elon Musk.

Dogecoin (DOGE), like the majority of cryptocurrencies, trades in the red zone. Altcoins have recorded a disaster with DOGE, led by Bitcoin (BTC), which recently plummeted below $60,000. lost almost 32% In the last 30 days.

Popular crypto analyst Ali Martinez predicts a price rise is imminent. Analysts have noted a similar cycle, which proves that meme coins are entering a correction before recovering to new records.

For large coins, usually 30% correction After an explosive performance. This correction will allow smart investors to accumulate more coins ahead of a continued upward trajectory.

As of this writing, DOGE is trading at $0.13 after the trade. 4% jump within the last 24 hours. This helped recover some of the meme coins. 12% weekly loss. Ali Martinez said: [Dogecoin] Price corrections are part of normal behavior before a major bull market!”

Martinez sees similarities between the 2021 bull market and the upcoming 2024 bull market, adding that DOGE has been up for more than a year. 12,000% increase rear 56% retracement.

Furthermore, as reported by CNF, the Bitcoin halving could have a significant impact on DOGE. In 2020, the halving took place in mid-May, and the block reward was reduced from 12.5 BTC to 6.25 BTC. Dogecoin’s price initially remained static, but by the end of the year it had nearly doubled, trading at $0.0048.

Elon Musk’s influence continues to influence prices, with many speculating that Dogecoin enthusiasts are integrating DOGE into their “X everything apps.”

Investors and prominent traders have supported this outlook, with crypto trader Kevin pointing out that the 0.125-0.13 cent level is key to validating the bull market. The bulls are increasingly controlling the market as the price trades above the $0.13 level.

It is important to note that unlike previous cycles, DOGE’s influence has weakened. Memecoin faces stiff competition from up-and-coming memecoins, especially Shiba Inu (SHIB). SHIB, that is 4% increase In the past 24 hours, its popularity has skyrocketed in recent weeks, rising to the 11th largest cryptocurrency with a market capitalization of $13.5 billion. By the way, DOGE ranks 8th with a market capitalization of $19.1 billion.

Market experts speculate that SHIB could overturn DOGE in its quest for a top 10 ranking. As reported by CNF, this will be heavily influenced by the growing ecosystem. DOGE’s market share has been further saturated with the emergence of Solana-based meme coins such as PEPE and WIF, all of which have delivered impressive gains in price.

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