- Whales’ $413 million purchase of DOGE and reduced selling pressure signal bullish momentum, leading to a 21% rally.
- Analyst forecasts and institutional adoption fuel optimism that DOGE will reach $1 by 2025.
Blockchain analytics revealed that whales bought more than 1.08 billion DOGE on January 3rd, valued at $413 million. After that, Dogecoin rose 21% this week, reaching a peak of $0.39, outperforming rival memecoins such as Shiba Inu and Pepe.
As reported in an earlier CNF update, Dogecoin’s historical return in January has averaged 83.9%, although mixed results and caution remain despite the current bullish optimism. A significant transfer of 399.9 million DOGE ($144.9 million) from Binance to a private wallet signaled reduced selling pressure, which is often seen as a positive for the market.
Bold predictions: DOGE at $1
According to a recent tweet analysis by Ali Chart, whales bought more than 1.08 billion DOGE in the last 24 hours.
Whales bought over 1.08 billion #Dogecoin $DOGE in the last 24 hours! pic.twitter.com/Ow2j6I1MDV
— Ali (@ali_charts) January 2, 2025
At the time of writing, according to CoinMarketCap data, Dogecoin (DOGE) is trading at $0.3866with a reduction of 0.65% during the past day ia 21.28% wave during the last week. See the DOGA price table below.
In addition, Galaxy Digital’s head of research, Alex Thorn, predicts that Dogecoin will reach $1 by 2025, marking a 170% jump and pushing its market cap to $100 billion.
Adding to the momentum, US President-elect Donald Trump announced a new agency — the Department of Government Efficiency (DOGE) — to be led by Elon Musk and Vivek Ramaswamy, sparking renewed interest in cryptocurrency.
Growing yield and growing interest
Institutional adoption is also gaining focus, with Spirit Blockchain Capital planning to leverage DOGE holdings to grow yields in decentralized finance. Investor interest is growing, with open interest in Dogecoin increasing by more than 50% in just five days, reaching $3 billion.
Most importantly, growing community interest plays a significant role. Analysts at Galaxy predict that Dogecoin could hit the $1 mark by 2025, which is in line with the optimism surrounding the meme coin’s future performance and attracting interest from crypto traders and enthusiasts.
prediction that Dogecoin could reach the $1 mark by 2025. This prediction is in line with the growing optimism surrounding the future performance of the meme coin in the market, further capturing the interest of crypto traders and enthusiasts.
With these developments, memecoin seems poised to continue its growth, possibly approaching the elusive $1 mark.
