Trader Predicts Dogecoin November Breakout as Murad’s Memecoin Holdings Drop 59% to $27.5 Million

Dogecoin (DOGE) traders are watching November closely after a community chartist highlighted the coin’s recurring rally pattern during this month. The trader, known as YazanXBT, said November has historically been one of Dogecoin’s strongest periods.

Dogecoin Pattern Indicates Potential November Altseason Rally

The analyst further argued that DOGE performances are usually in line with larger altcoin rises. He cited previous cycles in 2015, 2017, 2020, and 2024.During these periods, there was a significant increase in DOGE price ascending in November. This preceded long periods of price gains among altcoins.

A TradingView chart by ChandlerCharts further depicted these trends noting that there were repeated November breaks that were followed by broader gains in the crypto market. The trend indicates a psychological or even cyclical relationship that might reappear in this year.

Dogecoin is trading around $0.183 according to TradingView data. The meme token has fallen 2.2% in the past 24 hours, extending its weekly loss to nearly 7%. A recent heavy DOGE whale accumulation suggests that large holders may be positioning ahead of a potential rebound.

Dogecoin may act as an early indicator of altseason triggering excitement among retail traders who consider the performance of the memecoin as a sign that the altseason is about to start.

Traditionally, Dogecoin rallies have been followed by capital inflows to smaller-cap tokens. Therefore, it is an indicator of primary importance when analyzing sentiment during periods of speculation. In case the pattern repeats itself, traders can be optimistic that fresh activity will resume in memecoins and other community-centered tokens.

Murad Memecoin Portfolio Value Drops Sharply

On-chain data however indicate otherwise in the extended market in recent times. According to Arkham data, the Murad memecoin portfolio have declined by 59% to approximately 27.5million since reaching a peak of $67 million. Most of his investments comprise tokens such as POPCAT, MOG, and RETARDIO, which have experienced sharp drops.

The decline is due to decreasing speculative interest in memecoins following a sharp rise in the middle of the year between June and August. During this period, total memecoin market capitalization briefly rose above $70 billion before cooling since the start of September.

Altcoin Index Shows Bitcoin Dominance

Adding to the caution, data from BlockchainCenter’s Altcoin Season Index shows a reading of 41. This is a significant drop from 84 which it showed earlier. This signals that it is not yet altcoin season. This reading suggests traders might be early in expecting an altcoin breakout, including Dogecoin’s potential rally.

The Bitcoin dominance suggests that capital is rotating from riskier memecoins and altcoins into the leading cryptocurrency. If Bitcoin performance later slows down this month, it can lead to a shift of capital into Dogecoin and other altcoins.