Dogecoin's Remarkable Surge In 2024: A Closer Look

According to Finbold, Dogecoin (DOGE), the original meme coin, has experienced a significant surge in 2024, although it has not reached the heights of Bitcoin's (BTC) rally to $100,000 or XRP's rise above $2. Despite this, Dogecoin's performance has been noteworthy, offering substantial returns to investors. As of December 13, 2024, DOGE's price has soared to $0.40381, marking a remarkable increase from its January 1, 2021 price of $0.005685. This price movement means that a $1,000 investment in Dogecoin at the start of 2021 would have grown to approximately $70,978, reflecting a 7,003.08% increase. However, those who strategically sold Dogecoin at its peak in May 2021 could have turned a $1,000 investment into $120,453 within a few months. In the current bull market, Dogecoin began 2024 at $0.09206, and its year-to-date rally stands at 352.14%. A $1,000 investment on January 1, 2024, would have bought over 10,862 DOGE, which would be valued at $4,386 by December 13, 2024. Despite Dogecoin's impressive performance, it has not been the top-performing meme coin for long-term holders. Finbold's calculations indicate that a $1,000 investment in Shiba Inu (SHIB) on January 1, 2021, would have grown to $172,888 by December 12, 2024. For long-term Dogecoin investors, the key question in late 2024 is whether to continue holding the coin. While there is no definitive answer, investors who bought after May 2021 and before November 2024 might consider taking some profits. The cryptocurrency market sentiment suggests that the bull cycle is still in its early stages. Dogecoin appears stable, with a relative strength index (RSI) of 55.23, indicating it is neither overbought nor oversold. Additionally, DOGE has experienced 17 green days out of the last 30, reflecting optimistic investor sentiment and confidence in its continued upward trajectory. Broader market factors also suggest ongoing strength, with Bitcoin expected to rally by at least 150% in 2025 to reach $250,000. This anticipated trend for Bitcoin, often seen as a market leader, indicates a broader uptrend for digital assets.