With less than a month remaining until the year ends, DOGE has shown a unique price pattern that could potentially take its price to $2 by the end of 2024 and $3.5 within Q1 of 2025.
DOGE has shown the formation of a 2017-like chart pattern on its daily charts that indicate a 330% to 600% rally within a month, similar to what happened in 2017 and repeated in 2021-22. If this breakout happens, DOGE could soon reach $3.5 by the end of 2024 and $3.5 by Jan 2025, increasing its price and market cap by up to six times, i.e., 513 billion.
Repeat of Historic Patterns
2017 Gains
The Dec 2017 gains were phenomenal for DOGE as it gained more than 1000% from $0.001189 (15 Nov 2017) to $0.012 (06 Jan 2018).
If these superb gains repeat DOGE will reach $4.54 by the end of the first week of Jan 2024. Coincidentally, this is the chart pattern that currently relates more to the current patterns in Dec 2024.
As of now, DOGE has already shown a rally of 337% in Dec 2024. If these gains are to be factored in, DOGE still has room to grow an extra 300% reaching $1.5 by Jan 2025.
2021 Gains
The end of 2021 and the early days of 2022 showed some of the best gains for DOGE where it grew from $0.009 to $0.069, making 766% gains in less than a month. Starting at $0.009 on 25 Jan 2021, DOGE grew to $0.069 by 12 Feb, ie., the next month. This move caused its market cap to grow from $180 million to over $4 billion in that period.
If DOGE makes such a rally now, which it does historically, it may soon cross $3.5 in the best-case scenario, taking its market cap to $513 billion.
Current Charts and Its Analysis
In late 2024, DOGE repeated the same price pattern as it did in 2017 and 2021. However, there has been a slight lag from the 2017 rally and a slight lead over 2021.
In the last 1 month, DOGE has already made an 182% rally.
How to Buy DOGE and Make Tax-Free Gains Legally?
Since DOGE exists on its own blockchain and does not have any dapps or DeFi platforms like ETH and SOL, you can not buy it like other ERC 20 crypto and make tax-free gains by not converting them into fiat. However, there is another way where you can buy DOGE, take it to a custodial wallet, and make tax-free gains till it reaches its targets.
The method is buying DOGE via Binance or via any DEX on BNB Chain and then using self custody till DOGE reaches $3.5 targets. At that point, if you wish, you can either cash out or hold it like me till eternity.
The detailed steps are below:
- Buy DOGE from any good CEX or DEX. Note that there is no income tax on buying.
- Take it off the exchanges, if bought on CEX. I prefer swapping some USDT or USDC on a DEX, here it will be a BNB DEX.
- You can use any secure self-custodial wallet like Ledger, MetaMask, or Trust Wallet to take custody of your crypto and HODL it till your targets arrive.
- Once you reach your targets, swap it with a stablecoin or another crypto on the DEX. This is important because if you sell on a CEX, you will be levied with a capital gains tax.
- Buy another crypto or spend the gains as you wish.
