Despite strong community support and $4.9 billion in whale activity this week, Dogecoin (DOGE) still struggles to trigger a meme rebound. As capital has shifted towards Bitcoin (BTC) this week, sellers continue to dominate the dog-themed memecoin, with its price nearing the $110,000 milestone after the Federal Reserve announced interest rate cuts on December 18.
In the face of selling pressure in the broader meme coin space, DOGE has failed to trigger a bull market recovery.
Dogecoin (DOGE) failed to break through the resistance level of $0.40
The trend of Dogecoin (DOGE) has disappointed its holders, as attempts to break through the support level of $0.39 seem to have failed again. With analysts closely watching the 50-day moving average and trading volume significantly dropping from $10 billion, DOGE's price is struggling to show enough buying pressure.
Although reduced speculative activity has slightly alleviated the selling risk, it has not sparked bullish momentum for frustrated investors. Since the news of 69% of nodes being hacked caused panic in the DOGE community, Dogecoin's charts have shown very weak trading activity, suggesting stagnation in the short term.
More concerning is that recent whale activity involved an accumulation of $160 million in DOGE, but it has not driven the development of the memecoin as expected. On the contrary, many experts believe that despite Elon Musk's support for X, Dogecoin may still lag behind other altcoins in the short term.
Current price level of Dogecoin
Last October, Dogecoin's trading price fell to as low as $0.1050. Since then, the price of this meme coin has risen steadily, climbing to a high of $0.4835.
It is worth noting that Dogecoin's increase this year has reached 350%, aligning with the overall upward trend in the cryptocurrency industry. Elon Musk's government efficiency department (DOGE) and the 'whales' increasing their holdings in Dogecoin have provided strong support for this trend. Bitcoin's recent good performance, combined with the current positive momentum, is likely to further help Dogecoin's price continue to rise.
DOGE 2025 prediction
To reach a price of $1, Dogecoin needs to rise at least 146.79% from its current price level. According to CoinCodex data, this meme coin is expected to set a new all-time high next year, with a potential trading peak of $1.12794 in 2025.
