ChainCatcher message: According to CoinDesk, the number of open contracts in the Dogecoin (DOGE) futures market has reached a new high of 10.35 billion DOGE, surpassing the peak of 10 billion DOGE in March 2024. This indicates an influx of new funds into the market, which may drive price volatility.
Historical data shows that January is the best-performing month for DOGE, with an average return of 85%. Technical indicators reveal that DOGE's 50-day simple moving average (SMA) has broken through, indicating a bullish trend. Analysts predict a short-term target price of 50 cents, and some major players are optimistic about reaching $1 by 2025.
Additionally, there has been a surge in whale transactions exceeding $100,000, further indicating rising demand. Analysis also points out that trading volumes are below the peak levels of 2021, and investors should approach the current resistance level of 40 cents with caution.
