What to know:
- Large investors, or “whales,” are showing increased interest in Dogecoin (DOGE), with transactions over $100,000 spiking, hinting at potential price increases.
- January has been Dogecoin’s best-performing month historically, averaging an 85% return.
- Futures markets for DOGE set a new record for open interest.
- Technical indicators like the 50-day SMA suggest a bullish trend for DOGE with a short-term target at 50 cents.
In recent times, Artificial Intelligence agents and digital assets mimicking stock market trends have garnered significant attention. However, it’s the major investors who are making moves in Dogecoin (DOGE) markets, aiming for a price point of $1 by 2025.
Information gathered from various outlets indicates an increase in attention from high-rollers or prominent market players, noticeable through a surge of high-value transactions exceeding $100,000 during the weekend. This activity could potentially signal a rise to come.
Historically, the memecoin tends to perform exceptionally well during January, boasting an average return of approximately 85%. However, it’s worth noting that there have been exceptional years like 2014 and 2021 where its performance skyrocketed to 250% and 700% respectively. The median performance of the memecoin in January is 5%, which ranks second only to October’s 8%.
On Monday, the open interest in futures markets for the token reached a new high, as the number of active contracts increased from 7.50 billion DOGE over the weekend to 10.35 billion DOGE. This figure surpasses the previous peak of 10 billion DOGE, which was set in March 2024, according to data from CoinGlass.
The outstanding derivatives that haven’t been settled yet are referred to as open positions. An increase in open positions might suggest fresh capital flowing into the market, which could reinforce prevailing price patterns and hint at impending market turbulence.
A high level of public engagement could indicate that a trend is likely to persist. According to CoinDesk’s market analyst Omkar Godbole, we might see prices climbing towards 50 cents within the next few weeks, as suggested by his analysis of the price chart.
According to Godbole, Dogecoin (DOGE) has reclaimed its position above the significant 50-day Simple Moving Average, which aligns with a fresh surge in the 10-day SMA. This indicates a positive outlook for the price. Moreover, the difference in price between Coinbase and Binance has been eliminated. This trend hints at a high possibility that DOGE will surpass its current three-day resistance at $0.40, possibly advancing towards 50 cents and even beyond.
The Simple Moving Average (SMA) represents an asset’s typical price over a designated timeframe, which can help identify potential resistance and support points in its price movement.
Despite the trading activity on Coinbase currently being lower than it was during the November surge, there’s a need for caution since the $0.40 resistance level hasn’t been broken yet, according to his remarks.
2025 predictions suggest that DOGE might reach a significant cultural landmark of $1, which is approximately 50% higher than its all-time high of 70 cents achieved in 2021.
According to Alex Thorn, head of research at Galaxy Digital, Dogecoin could reach a value of $1. This milestone would put the oldest and most popular meme coin at a massive market capitalization of $100 billion. However, it’s important to note that this market cap could be surpassed by the Department of Government Efficiency. The department is expected to implement efficiency measures that exceed Dogecoin’s maximum market cap recorded in 2025.
A significant part of Dogecoin’s recent surge can be attributed to optimistic feelings sparked by tech entrepreneur Elon Musk endorsing the meme, particularly during his tenure with the Trump administration.
Elon Musk has initiated the development of a “Department for Streamlined Government Operations,” or D.S.G.O., aimed at streamlining and making government spending more effective.
As an analyst, I’ve observed a surge in discussions about “DOGE” in financial circles and among retail traders. This trend has been highlighted by CoinDesk in their analysis back in mid-October, suggesting that increased chatter could lead to more mainstream media coverage and heightened interest in Dogecoin.
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2025-01-07 12:29