Memecoins are experiencing significant price increases as we enter the new year. Although the cryptocurrency rally began in December 2024, DOGE’s price dropped sharply that month. With the support of key technical indicators, combined with whale accumulation, DOGE's price is currently surging. As the leading memecoin, DOGE's price increase may also impact the price charts of other memecoins.
According to the cryptocurrency price tracking platform CoinMarketCap, the price of Dogecoin has increased by about 15% today. DOGE tokens are trading at $0.391, slightly lower than the $0.4 mark. While its trading volume surged over 120%, the market capitalization is above $57.67 billion, with a 15% increase. Therefore, the price of DOGE is trading above $0.39, up from $0.33 earlier today.
Is Dogecoin About to Reach a New ATH?
One of the main reasons behind the price increase of DOGE is the accumulation by whales of over 1.08 DOGE tokens. Based on market analyst Ali Martinez's post on X, whales holding between 10 million to 1 million DOGE tokens have made this purchase. With this recent whale purchase, the total number of tokens held by whales has reached 46.36 billion.
Since the price of DOGE tokens dropped in December 2024, this is the first time whales have accumulated at this level. Moreover, key technical indicators also suggest further price increases for Doge, such as the 3-month chart, support, and resistance levels.
New interest in Dogecoin has made it the top trending token on CoinMarketCap. In this case, if Dogecoin surges past the key resistance level at $0.41225, the price rally could continue, raising hopes of achieving a new ATH. However, if it fails to surpass this resistance level, we might see a consolidation phase with the main support level at $0.32190.
On another note, Bitcoin has regained the $98,000 price level, while Ether is trading above $3,500. The long-anticipated price surge of the two largest cryptocurrencies has brought new hope to the market. This reaffirms some predictions of a larger cryptocurrency rally in 2025.
As the leading memecoin by market capitalization, Dogecoin's price is expected to rise in 2025. If the market witnesses a general surge, we might also see a new ATH for Dogecoin.
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