In the midst of surging network activity, striking similarities between recent Dogecoin price action and its historical behavior in 2020 have emerged.
Just like before, DOGE has broken out of a descending triangle pattern and is currently in a consolidation phase, reminiscent of its previous trajectory. In 2020, this pattern preceded an astonishing 28,770% price surge.
Cryptocurrency analyst Ali Martinez suggests that history could repeat itself, hinting at the possibility of another significant price increase for Dogecoin in the near future.
While maintaining steady growth amidst a booming market, Dogecoin has been ousted from the top 10 cryptocurrencies by market capitalization.
However, its growth trajectory reminiscent of its 2020 cycle indicates the potential for the largest memecoin to reach new heights again.
Yet, such a trend seems overly ambitious due to the asset’s supply constraints.
It’s important to note that Dogecoin witnessed a significant network surge on January 29, creating 247,240 new DOGE addresses.
Italian sports car manufacturer Ferrari, recently incorporating cryptocurrencies into its operations, has announced the addition of Dogecoin alongside existing assets like Bitcoin, Ether, and USDC for payment options in the United States.
Dogecoin also serves as a means of payment for renowned brands such as Tag Heuer watches and Gucci fashion labels. Additionally, AMC Theaters, a US-based cinema chain, offers Dogecoin as an alternative payment method for ticket purchases.