Many analysts project DOGE at $1 in this bull cycle.
Currently, DOGE is 45% from its all-time high price.
Although the years go by, dogecoin (DOGE) starts 2025 with the energy of a puppy who never tires of playing. Meanwhile, the market is curiously watching the movements of this iconic Shiba Inu dog, wondering how far it can go this year.
There are plenty of reasons for traders to be optimistic, since January has historically been one of the most bullish months for the longest and most valuable memecoin on the market.
As can be seen below, DOGE has recorded an average return of 85% in Januaryalthough it has experienced unusual growth of 250% in 2014 and 700% in 2021 during the first month of the year.
The first 7 days of 2025 reflect that DOGE shows bullish behavior. In the last week, the DOGE price went from $0.31 to $0.39, which represents an increase of 21%.
At the moment, memecoin is 46% below $0.73its all-time high (ATH) reached in November 2021.
As seen in the chart above, DOGE ended 2024 below the $0.30 line.
This price rally was mainly driven by purchases made by whales in the last 7 daysreflecting renewed market interest in this asset
For its part, open interest (OI) hit a record high of 10.65 billion DOGEthe equivalent of 2.78 billion dollars in the last hours, according to CoinGlass explorer data.
The OI is a metric that provides important information about the market sentiment, trading activity and liquidity of an asset. It also reflects the number of futures contracts currently in circulation.
An increase in OI is a sign that money is entering the market, which could drive an increase in liquidity and trading volume.
Open interest rises every time the number of new long or short contracts exceeds closed contracts.
In this context, Many analysts project that Dogecoin could reach the price of $1.
Bullish sentiment for DOGE
As CriptoNoticias has reported, Galaxy, an investment fund management firm, indicates in one of its latest reports that the main memecoin will reach a price of 1 dollar in 2025.
If it achieves this goal, DOGE will exceed a market capitalization of 100 billion dollars, a level unknown until now.
Among the factors that could drive its price, the relationship that the cryptocurrency has with Elon Musk stands out. Historically, Every mention by the Tesla CEO about DOGE caused increases in the price of the asset.
Everything indicates that Musk would take charge of the Department of Government Efficiency (DOGE), announced by the president-elect of the United States, Donald Trump, which could generate bullish momentum.
The initials of the entity coincide with the ticker of dogecoin, although it should be noted that It has no direct relationship with cryptocurrency.
In this regard, Galaxy mentions: “The market capitalization of dogecoin will be eclipsed by the Department of Government Efficiency, which will identify and successfully apply cuts in amounts that exceed the maximum market capitalization of dogecoin by 2025.”
It turns out that the department is designed to cut government spending, which could result in savings exceeding the total capitalization of DOGE at its highest peak of the year. Although this is a humorous comparison, The report indicates the magnitude of the adjustment and the volatility that memecoin has.
The concrete thing is that for Galaxy, DOGE is in the center of the scene and projections suggest that the oldest dog in the digital asset market still has the energy to continue running and gain momentum to catch the stick that is at the level of 1 dollar.
