Dogecoin ($DOGE), one of the most prominent memecoins in the cryptocurrency world, has recorded a spectacular growth over the past week. With a 22.81% increase in just 7 days, DOGE has reaffirmed its position in the hearts of investors. At the time of writing, DOGE is trading at $0.388, the highest since December 18.
Elon Musk - The Wave Maker for DOGE
It is undeniable that Elon Musk, the billionaire and founder of Tesla, has always had a significant influence on DOGE. During the impressive price surge in 2021, he frequently used Twitter to share about DOGE, thereby pushing the value of this coin higher.
After Elon Musk acquired Twitter, rumors about using DOGE as a payment method on this social media platform have created a strong wave of speculation. Many even believe that Musk could integrate DOGE into new projects, such as improving online payment systems.
The Role of DOGE Whales in the Price Surge
The participation of whales – investors holding a large amount of DOGE – has proven to be a crucial factor in driving the value of this memecoin. Ali Martinez, one of the renowned cryptocurrency analysts, revealed that DOGE whales bought $1.08 billion worth of DOGE in just two days, from January 2 to 3, 2025.
Theo Martinez, the trading history of whales is often accompanied by significant price fluctuations. Whenever whales increase their buying, the price of DOGE usually surges. This time is no exception: after a week of halting sell-offs, the price of DOGE has strongly recovered and risen to $0.388, marking a 22% increase in a week.
The Ambition to Reach $1 for DOGE
Although DOGE is currently only at $0.388, many analysts still hold high expectations. To reach the $1 mark, DOGE's market capitalization will need to double from its current value of about $57 billion.
This is not impossible, especially with support from a strong community and new moves from Elon Musk. However, investors should be aware that the cryptocurrency market always comes with significant risks.
In Summary
Dogecoin, with its dramatic ups and downs, once again proves that it is not just a mere memecoin. The participation of whales, a loyal supporter community, and the influence of figures like Elon Musk have created new momentum for DOGE.
Can DOGE surpass historical price levels and reach $1? Only time and the market can answer. But one thing is certain: DOGE remains one of the most notable names in the current cryptocurrency portfolio.
