With the market reset, the Dogecoin price is already seeing major upside. The month of July has proven to be the most bullish so far for the meme coin, beating out the gains that were recorded back in May. This breakout has not only pushed the Dogecoin price above the $2.7 level after struggling for months, but it has also led to the break of a bearish streak that has persisted for the last four years. This has signaled a turn in the tide and could mean that the meme coin is just starting.
July’s 65% Run Breaks The Q3 Curse
Dogecoin has defied the bears in the month of July and has eliminated the expectations of a crash this month. According to data from CryptoRank, it is one of the most bearish months for the meme coin, with average returns coming out at only 2.23% and median returns in the negative at -4.59%.
Instead of succumbing to the bears this time around, Dogecoin has gone on to mark its most bullish month of July yet. Data shows that the meme coin has already rallied over 65% and doesn’t look to be stopping anytime soon. However, the bearish July is not the only trend that Dogecoin has broken.
The third quarter of the year (Q3) has always been the most bearish quarter for the meme coin. CryptoRank shows that in the 12 years that DOGE has been in existence, it has closed Q3 in the red a total of eight years. This is in contrast to six years for both Q1, Q2, and Q4.
However, the over 65% rally in the Dogecoin price this month has already put this third quarter on the path to a green close. It is already 66.5% in the green for Q3, putting an end to the 4-year red streak that the meme coin has suffered since 2021.
Volume Tells A Tale Of Bullishness
The Dogecoin price has already risen by more than half this month, but the volume remains quite low compared to its all-time highs from last year. Coinglass data shows that the Dogecoin daily trading volume has only peaked at $20.04 billion this year, compared to the $60.11 billion recorded back in November 2024.
Going by historical performance, the Dogecoin price has often topped when the trading volume hit a new all-time high. But with peak levels so far off, the DOGE price could continue to rise as daily volume rises, putting it on the path of $0.5 before a top is reached, similarly to November 2024.
Featured image from Dall.E, chart from TradingView.com
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