<p><ul>DOGE/BTC lingers at the depth of a prolonged bear market, undercutting any notion of speculative frenzy. The ratio's present price pattern resembles late 2020. </ul><p>Dogecoin's (DOGE), the world's leading meme cryptocurrency by market value, <a href="https://www.coindesk.com/markets/2024/10/18/dogecoin-jumps-7-as-musk-touts-doge-at-trumps-pennslyvania-campaign/">has surged</a> 24% in one week, outpacing gains in other major tokens, including industry leader bitcoin.</p><h5></h5><a><img src="https://www.coindesk.com/pf/resources/images/icons/Volume.svg?d=370" width="100%" /><span>Unmute</span></a><h1><a>Dragonfly General Partner on Market Volatility: A Buenos Aires Special </a></h1><img src="https://cdn.jwplayer.com/v2/media/IblXqsh0/poster.jpg?width=720" width="100%" /><span>01:00</span><span>Latin America's Crypto Surge: A Battle Against Inflation</span><img src="https://cdn.jwplayer.com/v2/media/u0zUgtWA/poster.jpg?width=720" width="100%" /><span>01:48</span><span>Nishad Singh’s Lawyers Ask Judge to Spare Him Prison; Italy to Raise Capital Gains Tax on Crypto</span><img src="https://cdn.jwplayer.com/v2/media/YXfWqARP/poster.jpg?width=720" width="100%" /><span>01:36</span><span>Bitcoin Jumps Above $67K to Nearly a Three-Month High</span><img src="https://cdn.jwplayer.com/v2/media/5lGNG0y8/poster.jpg?width=720" width="100%" /><span>02:04</span><span>Tesla Is Moving Bitcoin; Trump-Supported Token Falls Flat</span><p>However, the broader downtrend in the doge-bitcoin (DOGE/BTC) ratio, which began in May 2021, persists, according to charting platform TradingView. The ratio represents DOGE's BTC-denominated valuation.</p><p>The key takeaway is that it is probably too early to worry about a 2021-like speculative bubble, and the ongoing bullish trend in bitcoin <a href="https://coindesk.com/price/bitcoin/">(BTC)</a> and the wider crypto market may have plenty of steam left.</p><p>Back in early 2021, DOGE consistently outperformed BTC, resulting in a nearly 1,000% uptrend in the DOGE-BTC ratio in the first four months. The broader market crashed in May 2021, with BTC falling from $60,000 to as low as $30,000.</p><p>The perception of dogecoin as a highly speculative asset with no intrinsic value means its price surges are often taken as a <a href="https://jfin-swufe.springeropen.com/articles/10.1186/s40854-022-00383-0">warning sign</a> of impending market instability. DOGE's latest 24% surge in USD terms comes as long-time crypto fan Elon Musk proposed a government agency named D.O.G.E., triggering speculation of a bigger role for cryptocurrency under the potential Trump administration.</p><img src="https://www.coindesk.com/resizer/VyhUKHmeNXxBHRVMRAKVLKUObuc=/560x310/filters:quality(80):format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/F7L33OCZ5JF6FKJS62CWD63IMQ.png" width="100%" /><span>DOGE/BTC's weekly candlestick chart with MACD. (TradingView) (TradingView)</span><p>The chart shows that DOGE/BTC is looking to recover from the depths of the bear market identified by the trendline connecting highs reached in May 2021 and November 2022.</p><p>This week, it has bounced over 10%, defending the horizontal support from early February lows amid a bullish shift in momentum signaled by the MACD histogram. The histogram is a moving average-based technical indicator widely tracked to gauge trend changes and strength.</p><p>A potential move past the trendline would mean the bear market has ended, opening doors for a notable DOGE outperformance ahead.</p><h2>A replay of 2020-21?</h2><p>The present price structure resembles 2020, when the DOGE/BTC ratio was stuck in a prolonged downtrend.</p><p>The ratio eventually topped the bear market trendline in December as the MACD flipped bullish, entering the so-called speculative frenzy mode.</p><p></p><p></p></p>