Dogecoin (DOGE) is set to complete its most bearish first quarter in seven years with a quarterly loss of around 46%. This has raised the possibility of the foremost meme coin witnessing a repeat of the 2018 price action, when it recorded its worst Q1 loss ever.

Cryptorank data shows that Dogecoin is set to complete its most bearish first quarter in seven years with a loss of around 46%. This is also the first time DOGE has recorded a Q1 loss in three years.

To be sure, the meme coin recorded a gain of almost 10% in 2023, while it recorded an astonishing increase of 147% in 2024.

At the start of the year, market participants had high hopes for Dogecoin, as this year was meant to mark the peak of its bull run. The meme coin closed January with a meager gain of 4%. However, things quickly spiraled in February when DOGE closed with a loss of 38.5%.

Meanwhile, Dogecoin has also recorded a loss of 17.5% this month.

It is worth mentioning that 2018 is the only time Dogecoin has recorded a worse Q1 loss, losing 68.8% during that period. Based on this, DOGE could mirror the 2018 price action. If so, the foremost meme coin is set to record a Q2 loss, just like in 2018. However, a positive is that Q3 could turn things around like it did in 2018.

In 2018, Dogecoin recorded an impressive gain of 138% in Q3 after suffering losses of 68.8% and 11.5% in Q1 and Q2, respectively. A similar gain in Q3 of this year could help erase DOGE’s losses in this quarter and any potential loss in Q2. However, based on the 2018 price action, the Q3 rally would mark the peak of its bull run this year.

The post Dogecoin Could Record Most Bearish Q1 In Seven Years, Here's What To Expect Next From DOGE appeared first on Benzinga.