Dogecoin futures have hit a new milestone, with open interest soaring to 10.35 billion DOGE, surpassing the previous record from March 2024, according to CoinGlass. This spike in activity comes as large investors—dubbed “whales”—show heightened interest, with transactions exceeding $100,000 over the weekend. Analysts suggest this could signal a bullish trend for Dogecoin, a cryptocurrency often buoyed by its meme appeal.
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Whales Drive Market Optimism
Whale activity is often a precursor to price momentum, and Dogecoin is no exception. According to CoinDesk, January historically has been the token’s strongest month, averaging an 85% return. Notably, it saw outlier performances of 250% in 2014 and a staggering 700% in 2021. The renewed interest comes as Dogecoin climbs back above its 50-day simple moving average (SMA), a key technical indicator. Market analyst Omkar Godbole predicts prices could push past the $0.40 resistance level and aim for $0.50 in the coming weeks.
$1 DOGE by 2025?
Some experts are eyeing an even bigger target. Alex Thorn, head of research at Galaxy Digital, predicts Dogecoin could hit the symbolic $1 mark by 2025, reaching a market cap of $100 billion. The token’s rally has also been bolstered by Elon Musk’s endorsement and his government efficiency initiative, humorously abbreviated as “D.O.G.E.”
At the time of writing, Dogecoin is sitting at $0.3921.
