Whales Help Boost Dogecoin by 21%—Could It Reach $1 Soon?
On January 3, blockchain data showed that whales bought over 1.08 billion DOGE (worth $413 million), which helped Dogecoin’s price rise by 21% this week. Dogecoin reached a high of $0.39, outperforming other popular meme coins like Shiba Inu and Pepe.
Dogecoin usually performs well in January, with an average return of 83.9%. However, even with this optimism, there are still mixed views and some caution. A large transfer of 399.9 million DOGE (worth $144.9 million) from Binance to a private wallet suggests less selling pressure, which could be a positive sign for the market.
Could DOGE Reach $1?
Whales have continued to buy large amounts of DOGE. In just 24 hours, they bought over 1.08 billion DOGE.
As of now, Dogecoin is trading at $0.3866, a slight decrease of 0.65% from the previous day, but it’s still up 21.28% this week.
Alex Thorn from Galaxy Digital believes Dogecoin could reach $1 by 2025, a 170% increase, which would push its market value to $100 billion.
Adding to the excitement, U.S. President-elect Donald Trump recently announced a new agency, the Department of Government Efficiency (DOGE), to be led by Elon Musk and Vivek Ramaswamy. This announcement has sparked renewed interest in Dogecoin.
More Interest in Dogecoin
Interest in Dogecoin is growing, especially from institutions. Spirit Blockchain Capital plans to use its DOGE holdings for yield farming in decentralized finance. Investor interest is also increasing, with open interest in Dogecoin rising by more than 50% in just five days, reaching $3 billion.
Analysts predict that Dogecoin could hit $1 by 2025, as more people are becoming interested in it. If these trends continue, Dogecoin could be on track to reach the $1 mark.
