Recent Dogecoin (DOGE) Developments, Bitcoin (BTC) Volatility, and More: Bits Recap Jan 24
2025-01-24
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TL;DR
DOGE on the Spotlight
The biggest meme coin drew the crypto community’s attention on January 21, when its price experienced a double-digit spike in a matter of minutes. The rally was fueled by the newly established Department of Government Efficiency (D.O.G.E.), whichfeaturedthe asset’s logo on its official website.
Dogecoin’s valuation surged to $0.40, but the rally was short-lived. Currently, it is worth around $0.36 (per CoinGecko’s data), while D.O.G.E.’s website removed the logo from its front page.
It is important to note that further announcements coming from the agency may continue to impact the token. After all, D.O.G.E. is led by Elon Musk, who is an outspoken advocate of the OG meme coin and often endorses it on X.
Despite its enhanced volatility, Dogecoin has been the subject of numerous bullish predictions lately. One of the biggest optimists is the popular analyst Ali Martinez, who envisioned the price exploding to $15. He based his prediction on the potential approval of Bitwise’s filing to launch a Dogecoin exchange-traded fund (ETF).
The company submitted its application with the SEC on January 22, while prior to that, REX Advisors and Osprey Funds jointly filed to introduce an ETF that includes exposure to DOGE.BTC’s Rollercoaster
The primary cryptocurrency also passed through severe turbulence in the past few days. It hit a new all-time high of almost $110,000 on January 20 (hours before Donald Trump’s inauguration) but fell to approximately $101,000 once the Republican officially became America’s 47th President. The plunge was likely caused by Trump’s speech, which did not include any comments about the crypto industry.
In the following days, BTC continued to experience substantial volatility. On January 23, it spiked to $106,000 after US Senator Cynthia Lummis hinted that “big things are coming” for the asset.
The crypto community speculated that the news could be related to the potential establishment of a strategic BTC reserve in the US. However, President Trump signed an executive order to review the creation of a “National Digital Asset Stockpile,” expanding the scope of the effort to other cryptocurrencies.
In the aftermath, BTC’s price tumbled to $103,000 before rising to its current $105,300 (per CoinGecko’s data).TRUMP and MELANIA
Lastly, we will touch upon some of the most trending meme coins lately: those issued by the US President and his wife. Official Trump (TRUMP) saw the light of day on January 18, and hours later, its market capitalization reached a whopping $14.5 billion. The surge was fueled by massive hype and support from leading exchanges such as Binance and Coinbase.
America’s first lady also dived in, launching a meme coin called Melania Meme (MELANIA). Its market capitalization also soared into the billions, although it did not reach TRUMP’s dimensions.
However, both tokens have plunged significantly in the last few days, showcasing the unpredictable and volatile nature of the meme coin niche. In addition, scammers have supposedly created multiple fake websites offering dubious services with TRUMP and MELANIA, with the sole purpose of conning unsuspecting victims.
People who are about to enter the ecosystem should first do proper research and invest only as much as they are ready to lose.