Dogecoin price has experienced a significant jump of around 15% today, breaking a month-long downtrend.
Currently, DOGE is trading at approximately $0.39, accompanied by a substantial surge of 120% in trading volume. The rise in memecoins’ prices is evident as we enter the new year. Despite the crypto bull run commencing in December 2024, DOGE price plummeted sharply during that month. However, with the support of key technical indicators and whale accumulation, DOGE price is now skyrocketing. As the leading memecoin, DOGE’s price surge may also impact the price charts of other memecoins.
According to CoinMarketCap, a platform that tracks crypto prices, the price of Dogecoin has increased by roughly 15% today. The DOGE token is currently being traded at $0.391, slightly below the $0.4 price level. The trading volume has surged by over 120%, and the market cap has risen by 15% to over $57.67 billion. Consequently, DOGE price is now trading above $0.39, compared to $0.33 earlier in the day.
Could Dogecoin Reach a New All-Time High (ATH)?
The surge in DOGE price can be attributed to the accumulation of over 1.08 billion DOGE tokens by whales. Market analyst Ali Martinez revealed in a post on X that whales holding between 10 million to 1 million DOGE tokens made this purchase. This recent whale purchase has increased the total tokens held by whales to 46.36 billion.
Since the dip in DOGE token price in December 2024, this is the first significant whale accumulation. Additionally, key technical indicators, such as the 3-month chart, support, and resistance levels, suggest a further price surge for Dogecoin.
The renewed interest in Dogecoin has made it the top trending token on CoinMarketCap. If Dogecoin surpasses its key resistance level at $0.41225, the price rally could continue, raising hopes of achieving a new ATH. However, if it fails to break this resistance, a consolidation period may follow, with key support at $0.32190.
In other news, Bitcoin has reclaimed the $98,000 price level, while Ether is trading above $3,500. The long-awaited price increase in these two largest cryptocurrencies has brought renewed hope to the market. This reaffirms several predictions that anticipate a larger crypto bull run in 2025.
As the top memecoin in terms of market capitalization, Dogecoin’s price rise in 2025 appears imminent. If the market experiences an overall surge, we may witness a new ATH for Dogecoin as well.
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