Dogecoin, one of the leading meme coins, is making headlines as whales bet en masse on its future. While most were ending 2024 with holiday festivities, major investors in Dogecoin doubled down, accumulating incredible amounts of the cryptocurrency.
Famous crypto analyst Ali Martinez stands out significant accumulation, revealing that investors holding between 100 million and 1 billion DOGE acquired an additional 300 million tokens worth $94 million in a single day. This comes on the heels of another significant purchase: 270 million DOGE by a group holding between 10 million and 100 million coins just a week before.
Such large-scale acquisitions are not just numbers on a screen; indicate growing confidence in Dogecoin’s potential for price growth in the coming year. Whales, often seen as market influencers, may be setting the stage for a major rally.
Can DOGE break the January pattern?
January has historically been a pivotal month for Dogecoin. CryptoRank data reveals that the token has averaged an impressive 83.9% monthly return over the past decade. However, not every January is great for DOGS. Since last January 11, only five have recorded positive returns, with the median outcome being a loss of 3.86%.
Despite mixed historical results, January 2025 looks like a potential turning point. Dogecoin closed December at $0.315, its highest price since rising in 2021. That month, the coin jumped more than 700%, setting a precedent for what the cryptocurrency is capable of achieving.
Adding to the bullish sentiment, the last monthly candle closed above a key support zone, fueling optimism among traders and analysts. However, with both history and current trends in mind, some remain cautious, noting that a downturn is not entirely out of the question.
Musk’s bold claim — $2 trillion in savings waiting for you?
Elon Musk, a vocal proponent of Dogecoin, continues to play a significant role in the asset’s narrative. His unusual initiatives, such as the “Doge’s Department for Government Efficiency”, attracted attention. Musk claims such a division could cut $2 trillion in American spending, drawing both praise and skepticism.
Musk’s Tesla also lends weight to the Dogecoin ecosystem by accepting it as payment and holding around 10,000 Bitcoins on its balance sheet. Its influence, combined with Dogecoin’s performance trends, leaves investors speculating as to whether 2025 could be the year of DOGE.
Dogecoin is currently trading at $0.3186, registering a slight increase of 0.44% in the last 24 hours. Martinez prediction rise to $23 generated excitement, even though the required market cap in the trillions might seem a distant goal. For context, Dogecoin’s market cap is now $46.9 billion
