Key Insights:
Dogecoin sees a huge rally potential in 2025 due to the emergence of two key factors: ETFs and historical chart patterns.
Bitwise has filed for a DOGE Trust in Delaware, kicking off the ETF application process.
Dogecoin also sees a huge chart potential and a repeat of patterns from 2021 and 2017.
Strong whale buying in DOGE also lifts price demand for the top memecoin.
Dogecoin could soon attempt to cross $15, led by Dogecoin ETFs and strong historical charts. The super rally in Dogecoin seems to be part of a bullish phase called the Memecoin Supercycle, which repeats once every few years (typically four).
The first reason Dogecoin could be pushed into a rally is its upcoming ETF. Bitwise has filed for a Dogecoin Trust in Delaware, USA, the stepping stone for an ETF application.
Further, the repeat of certain historical patterns from 2021 and 2017 indicates a similar rally. Chart experts have already presented the best and worst cases for this rally as $15 and $36, which are 5000% and 12000% from the base level of $0.3. To date, Dogecoin has never breached those levels from the top, signaling the continuation of these patterns.
Bitwise has applied for the incorporation of a Dogecoin Trust in Delaware, USA. Trusts are a requirement to issue ETFs because in the USA and some countries, ETFs are the shares of a trust which are then sold on various exchanges.
The approval is expected around April 2025. Under the new Trump administration, we could see expedited approvals in altcoin ETFs. This was evident from National Strategic Reserve law that was signed by Trump yesterday.
ETFs play a critical role in bringing corporate money into crypto markets, as we saw in the case of Bitcoin. It was only after one year of Bitcoin's ETF approval that we saw sustained growth in Bitcoin. Further, ETFs make it easy for fund houses to invest in cryptocurrencies.
Dogecoin is about to repeat its historical patterns from 2021 and 2017, both years when it saw accelerated growth.
In 2017, DOGE surged when it was listed on multiple exchanges. The year saw DOGE rise 5000% to $0.08 from its support levels.
Later, in 2021, the bull market rally surged 12000% to $0.73 from its support levels. Since then, DOGE has been unable to breach those levels, and $0.73 is still its ATH.
Both these rallies show a periodic pattern in DOGE, which repeats every four years. Coincidentally, Bitcoin, on which Dogecoin is based, also moves in four-year market cycles.
Another chart for Dogecoin showed that it had formed a falling wedge pattern on 15-minute charts, which indicates that DOGE could make a breakout if it moves beyond $0.4 this weekend. Top crypto analyst Ali Martinez tweeted this chart below.
Dogecoin has very strong fundamental support from its community as well as from its biggest fan, Elon Musk, who has been a Dogecoin supporter over the years, irrespective of bull and bear markets.
Now that he is inside the US Government, DOGE would have a better chance at ETF, regulations, and several other critical things for its growth. His support for DOGE seems to know no limits. Recently, he changed the mascot of the US government's Department of Government Efficiency to Dogecoin's mascot.
Dogecoin Mascot Added to Department of Government Efficiency (now removed)
The United States Department of Government Efficiency
Secondly, accumulation remains strong in Dogecoin. Whales have been buying DOGE at regular intervals. One such trade acquired around $46 million DOGE earlier this month.
Finally, Dogecoin's strong backing from retail buyers also lifts its price.
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