BCGAME - Free 5BTC Daily Bonus!As the market watches the latest buzz around artificial intelligence (AI) and parody stock tokens, the Dogecoin Dogecoin (DOGE) continues to attract the attention of major investors. Recent data shows a significant increase in whale activity in the Dogecoin market, with some forecasts targeting a $1 price target for the token by 2025. The price target would see the largest memecoin on the market reach new heights.
To better understand this scenario, it is important to highlight the increase in whale interest, evidenced by a spike in transactions above $100.000 during the last weekend. With whales buying 140 million Dogecoin in 24 hours alone. Historically, this type of movement usually precedes price increases.
Furthermore, January has traditionally been a positive month for Dogecoin, with an average return of 85%, although we have seen exceptional performances of 250% and 700% in 2014 and 2021, respectively. Even considering an average performance, January stands out as the second best month for DOGE, behind only October, with 8%, as shown in the data from the Cryptorank platform.
Another crucial point is the token’s futures market. Dogecoin futures contracts hit a new record high for open interest yesterday, with the number of active contracts jumping from 7,50 billion DOGE over the weekend to a staggering 10,35 billion DOGE. This number surpasses the previous peak of 10 billion DOGE seen in March last year, as revealed by the data from the CoinGlass platform. This increase in interest in futures contracts demonstrates a growing expectation regarding Dogecoin.
Based on these observations, some analysts are predicting that DOGE could hit $1 by 2025, a target that is nearly 50% higher than the token’s all-time high of 70 cents in 2021. This optimistic projection is supported by statements such as that of Alex Thorn, head of research at Galaxy Digital, who stated in a publication of market predictions for the year:
“Dogecoin will finally hit $1, with the world’s oldest and largest memecoin reaching a market cap of $100 billion. However, Dogecoin’s market cap will be eclipsed by the Department of Government Efficiency successfully identifying and enacting cuts to amounts that exceed Dogecoin’s peak market cap in 2025,” wrote.
The outlook for Dogecoin therefore looks promising, with increased whale activity, a positive January record, and growing interest in the token’s futures market, as well as bullish forecasts from renowned analysts. At the time of publication, the price of DOGE was quoted at $0,3868, up 0.8% in the last 24 hours. In seven days, the token has appreciated by 19%.
