Dogecoin has experienced a 21% increase in value over the past week, surpassing other popular memecoins such as Shiba Inu, Pepe, and Bonk.
Currently, DOGE is trading at $0.38. Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK) have seen increases of 7%, 10%, and 14% respectively.
This surge in value can be attributed to renewed interest from large investors. On January 3rd, whales purchased over 1.08 billion DOGE, equivalent to $413 million.
On the same day, a transfer of 399.9 million DOGE, worth approximately $144.9 million, was made from Binance to an unknown wallet. This type of transaction is often seen as a positive sign, indicating reduced selling pressure as coins are moved to private wallets.
Data from CryptoRank indicates that January has historically been DOGE’s best-performing month, with an average return of 85%, surpassing any other month. For instance, in January 2021, DOGE saw a staggering 711% increase, while in January 2014, it recorded a 269% return. April is the second-best month for Dogecoin, with notable spikes of 546% in April 2021 and 84.9% in 2018.
Galaxy Research predicts that DOGE could surge by 170% and reach $1 for the first time, pushing its market capitalization to $100 billion. Alex Thorn, head of research at Galaxy Digital, stated in a 2025 crypto prediction that Dogecoin will hit $1, but its market cap will be surpassed by the Department of Government Efficiency, which will enact cuts exceeding Dogecoin’s market cap.
DOGE’s recent momentum can also be attributed to the announcement of a new government agency named the Department of Government Efficiency, or DOGE, with Elon Musk and Vivek Ramaswamy appointed as leaders. Additionally, open interest in DOGE has increased by over 50%, indicating greater investor engagement. According to CoinGlass, DOGE’s open interest has grown from $2 billion to $3 billion in the past five days.
In a similar move to MicroStrategy’s Bitcoin reserve strategy, Spirit Blockchain Capital, a Canadian investment firm, plans to utilize its Dogecoin holdings for yield generation. They aim to deploy their DOGE reserves into decentralized finance protocols, potentially offering yield-based products to institutional and retail investors.
Please note that this article does not provide investment advice or recommendations. Investing and trading involve risks, and readers should conduct their own research before making any decisions.