Dogecoin (DOGE) could be in for a rally in September, according to crypto analyst Dima James Potts. He believes the meme coin is primed for a bull run, potentially starting as early as the first week of September. Potts bases his prediction on historical price cycles, observing that Dogecoin tends to experience bullish periods following a price bottom formation. He expects predominantly green weeks in the coming months, similar to previous cycles.
Potts further points out that Dogecoin has shown significant price increases every third year of its cycle. He predicts that the price could close around $0.31 by the end of 2024, representing a 3.5x increase from the starting price of $0.09051 at the beginning of the year.
Based on historical trends, Dogecoin could experience even more substantial price increases in 2025. In the 2017 cycle, the coin saw a 9,000% surge, followed by an 18,000% increase in the 2021 cycle. If this pattern persists, Potts anticipates a similarly impressive, if not larger, price appreciation in the third cycle.
While this analysis relies on historical price patterns, investors should remember that cryptocurrency markets are known for their volatility and unpredictability.
Data from IntoTheBlock indicates that Dogecoin’s large transaction volume has decreased by 36%, while exchanges’ netflows have fallen by 115.2%. Despite this, 74% of Dogecoin holders are currently in profit. Whale Alert data reported a transfer of 118.9 million DOGE, worth $13.3 million, from an unknown wallet to Binance.
The upcoming Benzinga Future of Digital Assets event on November 19th will delve into the influence of meme coins and their impact on the broader crypto landscape.
