According to the latest predictions from analysts at the leading cryptocurrency firm Galaxy for the year 2025, Dogecoin (DOGE) will finally reach the $1 mark this year, more than 10 years after its launch in 2014.
If it reaches $1, Dogecoin will achieve a market capitalization of about $144 billion, nearly three times higher than the current market cap of $57 billion, according to CoinMarketCap.
This will bring the largest meme coin in the cryptocurrency industry into the exclusive club of cryptocurrencies valued at over $100 billion.
This club currently only includes Bitcoin (BTC), Ethereum (ETH), XRP (XRP), Solana (SOL), and BNB (BNB).
If it can reach $1, that would ensure Dogecoin continues to lead the cryptocurrency market. That’s not surprising.
The new Department of Government Efficiency (DOGE) led by Elon Musk of the upcoming Trump administration is expected to dominate headlines in 2025 as it exposes government waste and fraud and pushes for spending cuts.
This ensures that Dogecoin will always maintain a leading position in terms of 'market share' in the cryptocurrency market at any given time.
Where will the price of Dogecoin go next?
So, the risk seems to lean towards a strong bullish rally for Dogecoin this year. So how should traders play it? Enter the market now or wait to buy any dips?
Well, technical analysis shows that the likelihood of a price increase in the short term is more probable than a decrease at this time.
With the latest trading around $0.39, DOGE has increased nearly 50% from the mid-December low of $0.26 and is trending higher according to the upward trend that has been in place since October.
However, with Dogecoin still down over 20% from the December high of $0.48, traders entering the market right now will not completely miss out on the dip.
Dogecoin is currently holding slightly above the 50DMA and significantly above the 21DMA, indicating that the upward momentum is returning in favor of the buyers.
There is a possibility that the price will rise in the short term to retest the $0.48 level in the upcoming sessions as the Trump administration approaches.
Breaking through this level would open up growth prospects back to the 2021 high of $0.70. Of course, this is the cryptocurrency market, and nothing rises in a straight line. It could definitely reach $1 this year, but that journey may include several dips of over 40%, as seen most recently in December.
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