Dogecoin price has experienced a significant increase of around 15% today, bringing an end to a month-long downtrend.
Currently, DOGE is trading at approximately $0.39, with a remarkable surge of 120% in trading volume. The new year has seen a rise in the prices of memecoins. Although the crypto bull run began in December 2024, DOGE price experienced a sharp decline during that month. However, with the support of key technical indicators and whale accumulation, DOGE price is now skyrocketing. Given its status as the leading memecoin, the surge in DOGE price may also have an impact on the price charts of other memecoins.
According to CoinMarketCap, a platform that tracks crypto prices, Dogecoin price has increased by roughly 15% today. The trading price of the DOGE token is currently $0.391, slightly below the $0.4 level. Meanwhile, the trading volume has surged by over 120%, and the market cap has risen by 15%, exceeding $57.67 billion. As a result, DOGE price is now above $0.39, compared to its earlier price of $0.33.
Is Dogecoin poised to achieve a new all-time high (ATH)? One of the main reasons behind the surge in DOGE price is the accumulation of over 1.08 DOGE tokens by whales. Market analyst Ali Martinez has noted that whales holding between 10 million to 1 million DOGE tokens have made this purchase. With this recent whale accumulation, the total number of tokens held by whales has reached 46.36 billion. This is the first instance of such significant whale accumulation since the DOGE token price dip in December 2024. Moreover, key technical indicators, such as the 3-month chart, support, and resistance levels, also suggest a further price surge for Dogecoin.
The renewed interest in Dogecoin has made it the top trending token on CoinMarketCap. If Dogecoin manages to surpass its 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, we may witness a consolidation period with crucial support at $0.32190.
In other news, Bitcoin has reclaimed the $98K price level, while Ether is trading above $3,500. The much-anticipated price surge in the two largest cryptocurrencies has instilled renewed hope in the market. This further supports predictions of an upcoming crypto bull run in 2025.
Given its position as the top memecoin in terms of market capitalization, it is highly likely that Dogecoin will experience a price surge in 2025. If the market as a whole witnesses a surge, we may also witness a new ATH for Dogecoin.
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