Market Players Say Dogecoin (DOGE) is Doing its “Last Dance” — Here’s What It Means ⋆ ZyCrypto

Dogecoin’s so-called “last dance” thesis is gaining attention after macro economist Henrik Zeberg suggested the meme coin could be setting up for one final impulsive rally before a broader cycle top.

Zeberg’s concept hinges on a technical structure rather than fundamentals, with analysts pointing to a controlled correction and a potential surge in impulse metrics as the trigger for a final leg higher.

The economist describes Dogecoin as the archetype of speculative excess, noting its historic rise of roughly 745,000% into the 2021 peak near $0.76. Despite lacking intrinsic value, the asset has repeatedly followed recognizable Elliott Wave patterns.

The initial five-wave advance into the 2021 high was followed by a corrective phase that retraced toward prior wave four territory, forming a macro wave two. A subsequent rally into the 2021 peak is viewed as wave three, followed by a decline into June 2022, marking wave four.

Since then, price action has traced a developing five-wave structure that could complete final wave five.

From this perspective, the current pullback is characterized as a controlled correction, with A and B waves of similar magnitude finding support above the 2022 lows. Even after an 87% drawdown from the peak on a logarithmic scale, Dogecoin is still exponentially higher than its pre-breakout base.

With that, Zeberg argues that meme coins could experience another speculative surge if other risk assets, such as the Nasdaq and Ethereum, resume upward momentum. Don’t rule out a move toward new all-time highs, with projections suggesting gains of up to twelve times from current levels, potentially extending beyond $0.76.

However, analysts caution that the setup is inherently fragile. Correlation with equities and major crypto assets remains decisive, and a breakdown could invalidate the pattern entirely.

For now, the structure suggests possibility rather than certainty, reinforcing that any “last dance” would unfold in a high-risk, sentiment-driven environment.