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Dogecoin (DOGE) is not losing its grip on its latest uptrend, according to current on-chain metrics. The top meme coin is changing hands for $0.07264, up 2.71% in the past 24 hours. In the past week since the month started, Dogecoin has soared by 4.46%.
This week-to-date (WTD) uptick might be the start of a historic record for Dogecoin. According to data from CryptoRank, Dogecoin's growth since 2014 has been characterized by one November with a positive gain, sandwiched between two subsequent losses.
While November 2014 ended up in a 2.58% upsurge, November 2015 negated this trend by slumping 6.32%. The same bearish downtrend was recorded in November 2016 as DOGE printed a 2.72% drop. Bullish sentiments returned in November 2017 as the meme coin, with no competition at the time, printed more than 81% growth.
The cycle continued again, with November 2018 and 2019 recording losses and November 2020 closing with 38.7% growth. The two subsequent Novembers also recorded downtrends of 23.4% and 14.6%, respectively, a drop many believe has set the pace for an imminent close this month. The pattern is quite glaring, and the optimism is higher with the current price outlook of the coin.
Wielding the Dogecoin charm
By default, Dogecoin has a shining legacy of support from the industry's biggest advocates, ranging from Elon Musk to Mark Cuban. While their advocacy seems to have tapered down in the past few months, investors still consider their influence to sustain the support for DOGE.
This explains the obvious whale transactions recorded in recent times, with proof of growing DOGE utility as a payment token. Since 2020 to date, Dogecoin has welcomed hundreds of new meme coin competitors but has managed to maintain its market capitalization of $10.25 billion, which positions it as the ninth largest cryptocurrency.
Current market indications also support DOGE's bullish drives, and time will tell whether the coin will once again repeat its history.
Arman Shirinyan
Alex Dovbnya
