Over the last seven days, Dogecoin has seen a significant surge of 21%, surpassing its main meme counterparts such as Shiba Inu, Pepe, and Bonk in terms of growth.
As of its release, Dogecoin (DOGE) was priced at approximately $0.38. Meanwhile, Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) experienced gains of 7%, 10%, and 14% respectively.
As a crypto investor, I’ve noticed that the recent surge in prices is fueled by increased activity from high-volume investors, often referred to as ‘whales’. Just a few days ago, on January 3rd, these whales bought approximately 1.08 billion DOGE, worth an impressive $413 million, adding to the overall momentum and excitement in the market.
On the same day, a significant transfer of 399.9 million DOGE, equivalent to around $144.9 million, was shifted from Binance to an unidentified wallet, as per blockchain analysis platform Blockchair. Such transactions are typically viewed as bullish because they indicate less pressure to sell as the coins are moved into private wallets.
According to data provided by CryptoRank, it’s evident that January is Dogecoin‘s top-performing month on average, boasting a remarkable return of approximately 85%. This significantly outshines the performance of any other month in its record.
In January 2021, the value of DOGE increased by a whopping 711%, whereas it had a return of 269% back in January 2014. Interestingly, April is Dogecoin’s second-strongest month, with significant jumps such as the 546% surge in April 2021 and the 84.9% rise recorded in 2018.
This version maintains the original meaning while using simpler language that is easy to read and understand for most audiences.
DOGE to $1 in 2025: Galaxy Research
According to Alex Thorn, who is in charge of research at Galaxy Digital, it’s predicted that Dogecoin (DOGE) may experience a 170% increase, potentially reaching a value of $1 for the initial time. This surge could also elevate its market capitalization to a staggering $100 billion.
The author predicts that Dogecoin will reach a dollar ($1) in value, making it a significant milestone for the oldest and most popular meme cryptocurrency. This would also mean a market capitalization of $100 billion for Dogecoin. However, he suggests that the Department of Government Efficiency could surpass this market cap by identifying and implementing cost-cutting measures in excess of Dogecoin’s peak market cap value in 2025.
The surge in DOGE’s current performance is mirrored by the unveiling of a fresh U.S. administration department, known as the Department of Government Efficiency (DOGE), spearheaded by none other than Donald Trump’s election as President and the appointments of Elon Musk and Vivek Ramaswamy to head it.
In the recent past, there’s been a significant surge of approximately 50% in investor interest towards Dogecoin (DOGE). As per CoinGlass data, the Open Interest (OI) for DOGE has increased from $2 billion to $3 billion within the last five days.
Yield farming Dogecoin
Starting January 2nd, Spirit Blockchain Capital, based in Canada, disclosed their intention to utilize their Dogecoin investments for income production. This action echoes MicroStrategy’s approach with Bitcoin, where they employ their Bitcoin reserves to create supplementary income sources.
Spirit Blockchain intends to utilize its Dogecoin holdings by investing them into decentralized financial systems, which could result in the creation of income-generating assets for both institutional and individual investors.
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2025-01-05 16:15