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Elon Musk’s Return Prepares Dogecoin for Insane Breakout Rally
In a shocking turn of events, reports indicate that Elon Musk is preparing to return to the crypto scene and support his favorite altcoin, Dogecoin (DOGE). As the news spreads like wildfire, DOGE enthusiasts are eagerly awaiting the potential consequences on its price action. Can history repeat itself? Let’s dive into the charts to find out.
For those unfamiliar with the past events, Musk played a significant role in driving DOGE hype during its previous rally in 2021. The number of Dogecoin addresses holding at least 10,000 DOGE remained flat since early 2023, mirroring past consolidation phases that have preceded large upward moves. This stagnation coincides with the latest chart from Glassnode showing a sudden surge in addresses holding 10k DOGE before the aforementioned rally.
It appears that history may repeat itself as Musk’s focus shift fuels speculation. In November 2024 and January 2025, DOGE experienced short-lived spikes when Musk was linked to the Department of Government Efficiency. Although price fell afterward, it maintained higher support levels and continues to follow an upward structure. With whale address counts dormant but known to jump quickly and DOGE trading within a bullish technical channel, Musk’s return could be the missing trigger for another explosion.
In fact, chart patterns are hinting at another breakout forming as the DOGE price consistently holds its position within a rising parallel channel since late 2022. This structure has historically led to exponential growth in the past. Since late 2022, Dogecoin has bounced off the lower trendline three times, each time resulting in massive gains. In 2017, this setup delivered an astonishing 9,000% spike. Two years later, the breakout reached a staggering 30,000%.
Musk’s potential return could be the catalyst for DOGE to break out of its current channel and experience another “insane” rally, as described by a user named CEO on TradingView (@Investments_CEO). This setup would align with past fractal alignment and historical results.
For now, DOGE trades near $0.19, but investor focus remains on the potential for social media-driven growth to propel it towards unprecedented levels.
Source: coinchapter.com
