Dogecoin has jumped 21% over the past week, outperforming major memecoins like Shiba Inu, Pepe and Bonk.
At the time of publication, DOGE traded at $0.38. Shiba Inu (SHIB), Pepe (PEPE) and Bonk (BONK) were up 7%, 10% and 14%, respectively.
Dogecoin’s price surged 21% over the past week, peaking at $0.39. Source: CoinGecko
The rally follows renewed interest from whales. On Jan. 3, over 1.08 billion DOGE, valued at $413 million, was purchased by whales.
The same day, a 399.9 million DOGE transfer — worth approximately $144.9 million — was moved from Binance to an unknown wallet, according to the blockchain analytics platform Blockchair. This type of transaction is often considered bullish, suggesting reduced selling pressure as coins are transferred to private wallets.
Data from CryptoRank shows January has consistently been DOGE’s best-performing month, with an average return of 85% — far surpassing any other month.
In January 2021, DOGE soared 711%, while in January 2014, it recorded a 269% return. April is the second-best month for Dogecoin, with notable spikes like 546% in April 2021 and 84.9% in 2018.
Related: BTC could rebound in ‘coming days’ as metric signals growing buy pressure
DOGE to $1 in 2025: Galaxy Research
Alex Thorn, head of research at Galaxy Digital, forecasts DOGE could surge by 170%, reaching $1 for the first time and pushing its market capitalization to $100 billion.
“Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100bn market cap,” he wrote as part of Galaxy’s 2025 crypto predictions on Jan. 2. “However, the Dogecoin market cap will be eclipsed by the Department of Government Efficiency, which will identify and successfully enact cuts in amounts exceeding Dogecoin’s 2025 high-water mark market cap.”
DOGE’s recent momentum also follows United States President-elect Donald Trump’s announcement of a new government agency named the Department of Government Efficiency, or DOGE, with Elon Musk and Vivek Ramaswamy appointed to lead it.
Meanwhile, open interest in DOGE has risen over 50%, indicating increased investor engagement. According to CoinGlass, DOGE’s OI has grown from $2 billion to $3 billion in the past five days.
Yield farming Dogecoin
On Jan. 2, Spirit Blockchain Capital, a Canadian investment firm, announced plans to leverage its Dogecoin holdings for yield generation. The move mirrors MicroStrategy’s Bitcoin reserve strategy, which utilizes its BTC to generate additional revenue streams.
Spirit Blockchain aims to deploy its DOGE reserves into decentralized finance protocols, potentially offering yield-based products to institutional and retail investors.
Magazine: Bitcoin payments are being undermined by centralized stablecoins
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.