Dogecoin (DOGE) has increased massively in April, culminating with an all-time high of $0.45 reached on April 16.
The current DOGE rally is almost twice bigger than that which transpired in 2015. Furthermore, it has occurred in less than half the time.
2015 DOGE rally
The first market cycle for DOGE was initiated in May 2015. At the time, the token was trading at a negligible price of 0.000087.
What followed afterwards was a massive upward movement that continued all the way until Jan. 2018. The upward move lasted for 973 days. Throughout it, DOGE increased by 22,400%, culminating with a high of $0.0195, which was reached on January 7, 2018.
Afterwards, the token began a long, protracted downward movement that continued until March 2020.
Current DOGE rally
DOGE has increased considerably in April. As a result, cryptocurrency trader @trader1sz tweeted a chart, expressing disbelief at the current rally, which has become completely parabolic.
The current rally has indeed been extremely noteworthy.
It began in March 2020, when the token was trading at $0.011.
So far, DOGE has increased by 42,782%. The increase is nearly twice as big as the one that occurred in 2015.
As a result, a new all-time high price of $0.48 was reached on April 15.
What is also interesting is that the current rally has transpired in less than half the time. So far, it has been going on for only 399 days, compared to the 973 days it took for the cycle to be completed in 2015.
In addition, external Fib levels suggest that the token has potentially reached a top, at least in the short-term.
To conclude, the current DOGE rally dwarfs that which transpired in 2015, being nearly twice as significant. Furthermore, it has transpired in less than half the time. However, it is possible that a short-term top has been reached.
For BeInCrypto’s latest bitcoin (BTC) analysis, click here.