Dogecoin’s January Rally Potential

Major and probably the most popular meme cryptocurrency Dogecoin (DOGE) is on the verge of a stunning 91% rally in the coming month of January. According to data from CryptoRank, the average return for DOGE in January is 91.5% based on over 10 years of data.

Interestingly, despite Dogecoin’s creation in 2013, its most profitable January was in 2021, when the price of the meme coin skyrocketed by 711.5%. However, it hasn’t been as fruitful since then, with declines in two of the following years and a 37.2% increase in 2023.

The broader picture shows that only five out of eleven Januarys have closed in the green for DOGE, and currently, there’s a higher probability of a decline this January. The median of Dogecoin’s returns also suggests this, sitting at -7.95%.

So, it’s really two different roads for DOGE in January as of right now.

Ethereum to Rescue

Supporting the potential rally for DOGE in January, the price history of Ethereum and other major alternative cryptocurrencies signals the likelihood of an upcoming alt season.

Data indicates that Ethereum has experienced five consecutive months of positive average and median returns from January to May. Furthermore, the lowest median return during this period for ETH remains at 12.1%.

If Ethereum demonstrates its strength and kickstarts the long-awaited altseason, DOGE will likely follow suit. In this scenario, projections for Dogecoin’s price growth wouldn’t be limited to January alone. However, let’s first see how the first month unfolds.