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Dogecoin (DOGE) could see its recent price movements reach a new level in April. This speculation is driven by the upcoming “DOGE Day” celebrations on April 20th, a date known for significant events. However, within the crypto ecosystem, it is a day when the Dogecoin community celebrates and reminds themselves of the coin’s development reasons.
Dogecoin (DOGE) History
Historical analysis shows that Dogecoin Day has previously resulted in positive price outcomes. In March 2019, Dogecoin’s price was trading at $0.0020. In the following period, the coin’s value rose to $0.0031.
In 2020, between March and April, the price increased from $0.0017 to $0.0025. In 2021, after DOGE Day, the price saw a historic rise, surging over 18,000%.
While a bear market was present in 2022, contrary to expectations, an unusual event occurred. However, as 2023 approached, things seemed to be getting back on track.
Given the current market conditions, DOGE continues to hold the potential to repeat this year’s performance. At the time of writing, Dogecoin was trading at $0.184, with some analysts suggesting that even this price level could be the preparation for a new surge.
Will Dogecoin Rise?
According to data provided by Santiment, Dogecoin’s social awareness has moved to its highest point since reaching triple digits in the first week of March.
As we approach April, if the metric continues to rise, DOGE’s price could potentially host an incredible 100% increase over the next 30 days. Another metric fueling these rumors was none other than the total number of investors.
Following February, the total number of Dogecoin investors appeared to be under six million. However, as of today, this number has risen above 6.58 million. This could be interpreted as an increase in investor interest.
Entering April, the mentioned investor count could possibly reach seven million. In such a case, DOGE’s price could rise to $0.34.
Despite all these rising expectations, DOGE’s $1 price expectation may not be met in April. The reason cited is that DOGE would need to increase more than fivefold.
On the other hand, an important event that could increase excitement for DOGE on Coinbase has emerged. The exchange announced that DOGE would be listed in the futures market on April 1st.
