Dogecoin has experienced a 21% surge in the past week, outperforming other popular memecoins such as Shiba Inu, Pepe, and Bonk.
As of now, DOGE is trading at $0.38. Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) have seen increases of 7%, 10%, and 14% respectively.
This rally comes as a result of renewed interest from large-scale investors. On January 3rd, whales purchased over 1.08 billion DOGE, which was valued at $413 million.
On the same day, a transfer of 399.9 million DOGE, worth approximately $144.9 million, was made from Binance to an unknown wallet, according to the blockchain analytics platform Blockchair. This type of transaction is typically seen as a positive sign, indicating reduced selling pressure as coins are moved to private wallets.
Data from CryptoRank reveals that January has consistently been DOGE’s most successful month, with an average return of 85%, surpassing any other month by a significant margin. In January 2021, DOGE experienced a 711% surge, while in January 2014, it recorded a 269% return. April is the second-best month for Dogecoin, with notable spikes of 546% in April 2021 and 84.9% in 2018.
Galaxy Research predicts that DOGE could reach $1 for the first time, resulting in a 170% surge and pushing its market capitalization to $100 billion. Alex Thorn, head of research at Galaxy Digital, stated in the company’s 2025 crypto predictions that “Dogecoin will finally hit $1, with the world’s largest and oldest memecoin reaching a $100 billion market cap.” However, Thorn also mentioned that the Department of Government Efficiency, a new government agency, is expected to surpass DOGE’s market cap.
DOGE’s recent momentum can also be attributed to the announcement of a new government agency named the Department of Government Efficiency, which will be led by Elon Musk and Vivek Ramaswamy. This follows the election of United States President-elect Donald Trump.
Additionally, there has been a significant increase in open interest in DOGE, indicating heightened investor engagement. According to CoinGlass, DOGE’s open interest has grown from $2 billion to $3 billion in the past five days.
On January 2nd, Canadian investment firm Spirit Blockchain Capital announced its plans to utilize its Dogecoin holdings for yield generation, similar to MicroStrategy’s Bitcoin reserve strategy. Spirit Blockchain intends to invest its DOGE reserves into decentralized finance protocols, potentially offering yield-based products to institutional and retail investors.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research and analysis before making any investment or trading decisions.