- Analyst’s prediction for Dogecoin above $1 stems from historical data.
- Discontinuing DOGE halvings since 2015, DOGE has banked on BTC halvings.
- Despite trading in consolidation, most liquidations came from long positions.
Dogecoin (DOGE) is potentially brewing a massive northward move, according to crypto analysts who are counting on historical price data post-halving. Derived from the Bitcoin (BTC) code in 2013 by Billy Markus, a.k.a. Shibetoshi Nakamoto, and Jackson Palmer, Dogecoin’s halvings until 2015 had an immense impact.
However, periodical DOGE halvings stopped in 2015, as the meme coin became more like a spending currency than a deflationary store of value. Since Dogecoin’s inception in 2013, halvings have happened every 100,000 blocks or every 69 days. Ever since then, DOGE’s price appreciation has come after Bitcoin’s halvings.
Can Bitcoin Halving Send DOGE Above $1?
Following Dogecoin’s price movement right after Bitcoin’s halving cycles in July 2016 and June 2020, a delayed spike is evident in each case, argues macro contrarian crypto analyst MikyBull. In 2017, over half a year since BTC’s mining rewards were cut in half, DOGE soared to $0.0095, from $0.00022125 during the early halving.
The 2020 Bitcoin halving paved the way for DOGE’s current all-time peak, soaring to $0.7316 on May 8, 2021. Technical chart analyst MikyBull expects a similar price appreciation from DOGE after Bitcoin’s latest halving sinks in. Smoothly carried out on April 20, 2024, BTC’s block rewards were slashed from 6.26BTC to 3.125 BTC.
Forecasting a run to $1.10, Dogecoin’s technical pattern isn’t the only factor for the analyst’s bullish prediction. Whilst DOGE has failed to find the strength to claim a higher support cluster than $0.22 this year, it’s evident that large investors still believe in the original meme coin.
Yesterday, large whales cumulatively bought 60 million DOGE tokens, as the top dog rebounded above $0.12. While this planted optimism for the DOGE Army, Derivatives markets remain on the bearish side, as speculators choose to short DOGE more frequently than play a leveraged long position. At a long versus short ratio of 0.9227, DOGE bulls got it the hardest on Derivatives markets, accounting for $1.86M out of $2.08M liquidations over the latest 24-hour window.
On the Flipside
- According to the current consensus, Dogecoin’s block reward is 10,000 DOGE for every block.
- Due to the 1-minute block time, a whopping 14.4M DOGE coins enter circulation every day.
Why This Matters
Dogecoin has substantially stronger market liquidity than other meme coins due to its long-term status as a top-10 contender by global market cap.
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