dogecoin (DOGE) is not losing its grip on the recent uptrend according to current on-chain measurements. Meme coin is trading at $0.07264, up 2.71% in the last 24 hours. In the week since the month started, Dogecoin is up 4.46%.
This week-to-date (WTD) rise could be the beginning of a historical record for Dogecoin. According to data from CryptoRank, Dogecoin’s growth since 2014 has been characterized by a November with positive gains sandwiched between two successive losses. While November 2014 resulted in an increase of 2.58%, November 2015 reversed this trend with a decrease of 6.32%. The same downward trend was recorded in November 2016, with DOGE recording a decline of 2.72%. In November 2017, bullish trends returned as the meme coin, which had no competition at the time, recorded growth of more than 81%.
Koinfinans.com As we reported, the cycle continued again, with November 2018 and 2019 closing with losses, and November 2020 closing with 38.7% growth. The following two November months also recorded downward trends of 23.4% and 14.6% respectively, and many believe that this decline is paving the way for an imminent end to this month. The mold is quite noticeable and meme coinOptimism is higher with the current price outlook of .
By default, Dogecoin has a stellar legacy of support from the industry’s biggest advocates, from Elon Musk to Mark Cuban. While their advocacy seems to have diminished over the past few months, investors are still considering their influence to maintain support for DOGE.
This explains the apparent whale transactions recorded recently and is evidence of the increasing utility of DOGE as a payment coin. Dogecoin has welcomed hundreds of new meme coin competitors from 2020 to date but has managed to maintain a market cap of $10.25 billion, positioning it as the ninth largest cryptocurrency. Current market indicators also support DOGE’s bullish signals, and time will tell whether the coin will repeat its history once again.