Back in 2021, Dogecoin had put on its largest single-day move at a time when DOGE euphoria was at its peak. This had pushed the price from around $0.17 to over $0.47 in the space of a single day. This remains the most momentous 24 hours for the meme coin, and a repeat would be explosive for its price.
Dogecoin is trading considerably lower than its all-time high of $0.7 back in 2021. However, it is still a long way from its starting point in early 2021 when it traded at around $0.0018. The current $0.096 value at the time of this writing is also around a 30% increase in the price in the span of two months, which puts it on a bullish trajectory.
Nevertheless, Dogecoin is yet to carry out the kind of move that would satisfy investors who have patiently waited for it to return to even 50% below its all-time high price, just like Bitcoin. In this case, a rapid rise just like the one seen in 2021, could be expected.
Now, if the kind of single-day movement that happened on April 16, 2021, were to repeat, DOGE would certainly become one of the top gainers in the market. A 170% move from here would put the meme coin’s price at roughly $0.25 at the peak.
The last time that the Dogecoin price was this high was back in November 2022 before the infamous crypto market crash triggered by the FTX collapse. However, this move is not out of the realm of possible for DOGE, especially with multiple significant events coming up.
DOGE price at $0.096 | Source: DOGEUSD On Tradingview.com Events That Could Drive DOGE Rally According to the developments of the last few months, the events that could drive Dogecoin to stage a similar rally are taking place toward the end of the year, and the beginning of 2024. The first of these two is the Astrobotic Moon mission expected to take off on December 24, 2023.
Astrobotic had opened up slots for people to purchase items that would be added to the Rocket and sent to the moon, and the Dogecoin community had bid to have a physical DOGE coin sent to the moon. The space mission which has been years in the making is finally confirmed for take-off. This launch is no doubt expected to contribute to a rise in the DOGE price as excitement grows.
The second event that holds a lot of promise for Dogecoin is the DOGE-1 satellite mission by Geometry Energy. The mission recently received approval from the National Telecommunications and Information Administration (NTIA). DOGE-1 is the first space mission entirely funded by DOGE and will be sent out by Elon Musk’s SpaceX into lunar orbit in January 2024. Additionally, the satellite will be taking ad placements, all paid for in DOGE.
As these two events draw closer, the bullish case for DOGE becomes stronger. If all goes as expected, the DOGE price is expected to have doubled by the time that January 2024 rolls around.
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Scott Matherson Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.