Dogecoin Targets $1 in 2025 as Whale Interest and Market Activity Surge

Dogecoin Sets Sights on $1 in 2025 as Whale Transactions and Open Interest Soar
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AI Agents and stock market parody tokens may have been the latest trend in recent weeks, but major players are making moves in the Dogecoin (DOGE) markets, with some targeting a $1 level in 2025.

Data from multiple sources indicates an increase in interest from whales—wealthy and influential market participants—with a rise in transactions worth over $100,000 over the weekend. This activity could be a precursor to a price increase.

Historically, January has been the best-performing month for the memecoin, with an average return of 85%, according to data, though it has had outlier performances of 250% and 700% in 2014 and 2021, respectively. Its median performance is 5%, the second-highest after October’s 8%.

Futures markets tracking the token set a new record in terms of open interest on Monday, with the number of active contracts rising to 10.35 billion DOGE from 7.50 billion DOGE over the weekend. This has surpassed the previous peak of 10 billion DOGE in March 2024, according to data from CoinGlass.

Open interest refers to the total number of unsettled derivative contracts. An increase in open interest can signal new money entering the market, potentially confirming current price trends and indicating upcoming volatility.

High open interest could suggest a strong continuation of the trend. CoinDesk market analyst Omkar Godbole expects prices to reach 50 cents in the coming weeks based on price-chart analysis.

“DOGE has risen above the closely watched 50-day SMA, coinciding with a renewed upswing in the 10-day SMA, signaling a bullish bias,” Godbole said. “Additionally, the discount on Coinbase compared to Binance has disappeared. This suggests a strong possibility that prices will break through the current resistance at $0.40, potentially pushing toward 50 cents and beyond.”

SMA (Simple Moving Average) is a measure of average prices for any asset over a specified period and can be used to determine resistance and support levels.

“However, trading volumes on Coinbase remain low compared to the levels seen during the November rally, which warrants caution as long as the $0.40 resistance remains intact,” he added.

Some expect DOGE to reach a significant milestone of $1 in 2025, a nearly 50% increase from the token’s all-time high of 70 cents in 2021.

“Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100 billion market cap,” wrote Alex Thorn, head of research at Galaxy Digital, in a market predictions post for the year. “However, Dogecoin’s market cap will be overtaken by the Department of Government Efficiency, which will successfully enact spending cuts exceeding Dogecoin’s 2025 market cap high.”

Much of DOGE’s recent rally has been fueled by bullish sentiment surrounding the meme’s endorsement by tech entrepreneur Elon Musk in the Trump administration.

Musk has kickstarted plans for a “Department of Government Efficiency,” abbreviated as D.O.G.E., to make government spending more efficient.

This has fueled expectations among traders that more discussions around “DOGE” in mainstream media and retail trading circles will lead to increased attention and interest in Dogecoin, as noted by CoinDesk in mid-October.

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