Dogecoin has risen 21% over the past week, outperforming major memecoins such as Shiba Inu, Pepe, and Bonk.
At the time of publication, DOGE was trading at $0.38. SHIB, PEPE, and BONK rose 7%, 10%, and 14%, respectively.
The price of Dogecoin has surged 21% over the past week, hitting a high of $0.39. Source: CoinGecko
The rally follows renewed interest in whales. On January 3, more than 1.08 billion DOGE worth $413 million were purchased by whales.
According to blockchain analytics platform Blockchair, on the same day, 399.9 million DOGE transfers worth approximately $144.9 million were transferred from Binance to an unknown wallet. These types of trades are often considered bullish, meaning that selling pressure decreases as coins are transferred to personal wallets.
According to data from CryptoRank, January is consistently the best performing month for DOGE, with an average return of 85%, significantly outperforming other months.
In January 2021, DOGE soared 711%, compared to a 269% return in January 2014. April was Dogecoin’s second-best month, with notable surges including 546% in April 2021 and 84.9% in 2018.
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DOGE to rise to $1 in 2025: Galaxy Research
Alex Thorn, head of research at Galaxy Digital, predicted that DOGE could surge 170%, reaching $1 for the first time and pushing its market capitalization to $100 billion.
“Dogecoin will finally reach $1, and the world’s largest and oldest memecoin will reach a market capitalization of $100 billion,” he wrote on January 2 as part of Galaxy’s 2025 cryptocurrency predictions. “However, the Dogecoin market cap will be overshadowed by the U.S. State Department’s ability to identify and successfully enact cuts in amounts exceeding Dogecoin’s 2025 peak market cap.”
DOGE’s latest push follows US President-elect Donald Trump’s announcement of a new government agency called the Department of Government Effectiveness (DOGE), with Elon Musk and Vivek Ramaswamy appointed to lead.
Meanwhile, open interest for DOGE increased by more than 50%, indicating increased investor participation. According to CoinGlass, DOGE’s OI increased from $2 billion to $3 billion over the past five days.
Yield Farming Dogecoin
On January 2, Canadian investment firm Spirit Blockchain Capital announced plans to leverage its Dogecoin holdings to generate yield. This move reflects MicroStrategy’s Bitcoin reserve strategy of leveraging BTC to generate additional revenue streams.
Spirit Blockchain aims to deploy DOGE reserves into decentralized finance protocols, potentially offering yield-based products to institutional and retail investors.
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This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.