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A widely followed X personality on Monday drew attention to a potential surge in Dogecoin’s (CRYPTO: DOGE ) price following the upcoming presidential inauguration.

What Happened : Cephii , a strong backer of the world’s largest meme coin, highlighted the historical pattern of Dogecoin’s spike post-presidential inauguration.

Cephil noted that the dog-themed cryptocurrency surged nearly 1100% a week after the inauguration of Joe Biden in 2021.

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It’s worth noting that while DOGE did rally after the swearing-in, the surge wasn’t this sudden. It took a month for the asset to gain nearly 500% since the inauguration.

The influencer further pointed out that the pattern post-election this time around is “nearly identical” to that of 2021, implying a repeat of the rally.

See Also : If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it ?

Another technical analyst, going by the pseudonym Chandler , reminded that DOGE hit a new all-time high eight days after the inauguration. To reproduce the feat, DOGE would need to double in value to $0.7316.

Meanwhile, sentiment has also shifted in the derivatives market. The number of traders placing bullish bets on Bitcoin exceeded those shorting the asset in the last 24 hours, according to the Long/Short Ratio indicator.