- Dogecoin price jumped around 15% today, breaking a month-long downtrend.
- DOGE is trading at around $0.39, with a 120% surge in trading volume.
Memecoins are witnessing significant price rallies as we enter the new year. Even though the crypto bull run started in Dec 2024, DOGE price plunged sharply in the month. With key technical indicators support, combined with whale accumulation, DOGE price is now soaring. Being the top memecoin, DOGE price surge might influence other memecoin price charts as well.
Doge Price (Source: CoinMarketCap)
As per crypto price tracking platform CoinMarketCap, Dogecoin price increased by around 15% today. The DOGE token is trading at $0.391, slightly below the $0.4 price level. While its trading volume surged by over 120%, market cap is standing above $57.67 billion, with a 15% rise. As a result, DOGE price is trading above $0.39, which was at $0.33 earlier today.
Is Dogecoin Set to Record New ATH?
One of the major reasons behind the DOGE price surge is whales accumulation of over 1.08 DOGE tokens. Based on market analyst Ali Martinez’ post on X, whales holding between 10 million to 1 million DOGE tokens have made this purchase. With this recent whale purchase, the collective tokens held by whales reached 46.36 billion.
Since the DOGE token price dip in December 2024, this marked the first whale accumulation of this magnitude. Furthermore, key technical indicators also suggest a further price surge of Doge such as 3-month chart, support, and resistance levels.
Trending tokens on CoinMarketCap
The renewed interest in Dogecoin made it the top trending token on CoinMarketCap. In case, dogecoin surges past its key resistance level at $0.41225, the price rally could continue, increasing the hopes of reaching a new ATH. However, if it fails to cross this resistance, we might see a consolidation period with key support at $0.32190.
On another note, Bitcoin reclaimed the $98K price level, while Ether is trading above the $3,500 mark. The much-awaited price rise in the top two largest cryptocurrencies has brought renewed hope into the market. This reaffirms several predictions anticipating a larger crypto bull run in 2025.
Being the top memecoin by market capitalization, Dogecoin price rise seems imminent in 2025. In case, the market witnesses an overall surge, we might witness a new ATH for Dogecoin as well.
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