- Whales’ $413M DOGE purchases and reduced selling pressure signal bullish momentum, driving a 21% surge.
- Predictions from analysts and institutional adoption fuel optimism for DOGE to hit $1 by 2025.
Blockchain analytics revealed that whales purchased over 1.08 billion DOGE, valued at $413 million, on January 3. Subsequently, Dogecoin surged 21% this week, peaking at $0.39, outperforming rival memecoins like Shiba Inu and Pepe.
As reported in a CNF update earlier, Dogecoin’s historical January return averages 83.9%, though mixed performances and caution persist despite current optimism for a major rally. A significant transfer of 399.9 million DOGE ($144.9 million) from Binance to a private wallet signaled reduced selling pressure, which is often viewed as bullish for the market.
Bold Predictions: DOGE to $1
According to a recent tweet analysis by Ali Chart, whales purchased over 1.08 billion DOGE in the past 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 $0.3866, with a decrease of 0.65% over the past day and a 21.28% surge over the past week. See DOGE price chart below.
In addition, Galaxy Digital’s head of research, Alex Thorn, predicts that Dogecoin will hit $1 by 2025, marking a 170% surge and pushing its market cap to $100 billion.
Adding to the momentum, U.S. 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 the cryptocurrency.
Yield Farming and Growing Interest
Institutional adoption is also gaining focus, with Spirit Blockchain Capital planning to utilize DOGE holdings for yield farming in decentralized finance. Investor interest is rising, with open interest in Dogecoin increasing by over 50% in just five days, reaching $3 billion.
Most notably, growing community interest plays a significant role. Analysts at Galaxy predict that Dogecoin could reach the $1 mark by 2025, aligning with optimism surrounding the meme coin’s future performance and capturing the interest of crypto traders and enthusiasts.
a prediction that Dogecoin could reach the $1 mark by 2025. This forecast aligns with the growing optimism surrounding the meme coin’s future performance in the market, further capturing the interest of crypto traders and enthusiasts.
With such developments, the memecoin appears poised for continued growth, possibly inching closer to the elusive $1 mark.
