Dogecoin hits $0.38 as whales accumulate over 1B DOGE

Dogecoin (CRYPTO:DOGE) has surged by 21% over the past week, surpassing other major memecoins like Shiba Inu (CRYPTO:SHIB), Pepe (CRYPTO:PEPE), and Bonk (CRYPTO:BONK).

As of the latest data, DOGE is trading at $0.38.  

The price rally follows renewed interest from large investors, with over 1.08 billion DOGE, worth $413 million, purchased on January 3.  

On the same day, a significant transfer of 399.9 million DOGE, valued at $144.9 million, was moved from Binance to an undisclosed wallet.  

This type of transaction is often viewed as a bullish sign, as it reduces selling pressure by shifting assets into private wallets.  

Historical data shows that January has been a strong month for Dogecoin, with an average return of 85%, well beyond any other month.  

In previous years, January saw notable spikes, such as a 711% surge in 2021 and a 269% return in 2014.  

Analysts predict continued growth, with Galaxy Digital’s Alex Thorn forecasting that DOGE could hit $1 by 2025.  

Thorn suggests that this increase will push Dogecoin’s market cap to $100 billion, marking a significant milestone for the memecoin.  

“Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100bn market cap,” Thorn said in Galaxy’s 2025 crypto predictions.  

Thorn also noted that Dogecoin's market cap will be surpassed by the Department of Government Efficiency, a new government agency led by Elon Musk and Vivek Ramaswamy.  

Dogecoin’s momentum is also evident in the growing open interest, which has increased by over 50% in the last five days, rising from $2 billion to $3 billion.  

Meanwhile, Spirit Blockchain Capital, a Canadian investment firm, plans to use its Dogecoin holdings for yield generation, leveraging decentralised finance protocols.  

This mirrors strategies seen with other cryptocurrencies like Bitcoin (CRYPTO:BTC), offering new ways to generate revenue from DOGE reserves.  

At the time of reporting, the Dogecoin (DOGE) price was $0.3805.