Elon Musk's favorite cryptocurrency, Dogecoin (DOGE), has performed the best over the past few months. At the beginning of this year, the asset's trading price was as low as $0.77, but over the course of 12 months, Dogecoin soared by 254%, reaching a significant high of $0.4835. Although this meme coin is currently in a secondary position, the community expects Dogecoin to perform strongly in the new year.
Dogecoin fell on the last day of 2024
It seems that the bearish trend in the Dogecoin market has stabilized. In the past 24 hours, Dogecoin's price has dropped by nearly 3%. At the time of writing, Dogecoin's trading price is $0.3188. This marks a significant decline from Dogecoin's recent high.
Despite a recent decrease in trading volume in the meme coin market, there has still been some growth. This increase is attributed to whale activity within the Dogecoin network.
Recently, renowned analyst Ali Martinez revealed on X that these large holders are very active in the market. It is reported that these whales have accumulated over 90 million DOGE this week.
Price Prediction
It seems that Dogecoin will continue its current trend into next year. According to CoinCodex data, Dogecoin's highest trading price was $0.319. In January 2025, Dogecoin's average trading price is around $0.288. The lowest price level for Dogecoin is set at $0.274. Although this does not represent a significant increase compared to its current price level, the community will have to wait longer to see the asset's price rise.
This is not a good start for the new year. However, the DOGE community has a lot to look forward to, as the asset is expected to potentially reach $1 in 2025.