Dogecoin jumps 21% as whales accumulate, Galaxy predicts $1 DOGE
Dogecoin jumped 21% last week, outperforming major memecoins like Shiba Inu, Pepe and Bonk.
At the time of publication, DOGE traded at $0.38. Shiba Inu (SHIB), Pepe (PEPE) and Bonk (BONK) rose 7%, 10% and 14% respectively.
Dogecoin's price has increased by 21% in the past week, peaking at $0.39. Source: CoinGecko
The rally follows renewed interest from whalers. On January 3, more than 1.08 billion DOGE, worth $413 million, were bought by whalers.
On the same day, a transfer of 399.9 million DOGE – approximately 144.9 million dollars – was transferred from Binance to an unknown wallet, according to the blockchain analysis platform. This type of trading is often considered bullish, indicating a reduction in selling pressure as coins are transferred to private wallets.
Data from CryptoRank shows that January has been DOGE's best performing month in a row, with an average return of 85% – significantly higher than any other month.
In January 2021, DOGE rose 711%, while in January 2014 it recorded a return of 269%. April is the second-best month for Dogecoin, with significant gains of 546% in April 2021 and 84.9% in 2018.
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DOGE to $1 by 2025: Galaxy Research
Alex Thorne, head of research at Galaxy Digital, predicts that DOGE can rise by 170%, reach $1 for the first time and push the market capitalization to $100 billion.
“Dogecoin will finally hit $1, the world's largest and oldest memecoin touching the $100bn market cap,” he wrote as part of Galaxy 2025 crypto predictions. January 2. “However, the Dogecoin Market Cap Department may be overshadowed by the Government's efficiency that identifies and successfully reduces the amount exceeding Dogecoin's 2025 high water mark market value.”
DOGE's latest move follows US President-elect Donald Trump's appointment of Elon Musk and Vivek Ramaswamy to lead a new government agency called DOGE.
Meanwhile, open interest in DOGE increased by more than 50%, indicating increased investor participation. According to CoinGlass, Doge's OI has grown from $2 billion to $3 billion in the past five days.
Give Dogecoin a farm
In the year On January 2, Canadian investment firm Spirit Blockchain Capital announced plans to use Dogecoin holdings to generate profits. The move highlights the Bitcoin Reserve strategy, a micro strategy that uses its own BTC to generate additional revenue streams.
Spirit Blockchain aims to deploy DOGE stocks into decentralized financial protocols, offering commodity-based products to institutional and retail investors.
Magazine: Bitcoin payments are being undermined by a centrally stable coin.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
