Dogecoin (DOGE) Starts 2025 With Dip, but There's Catch
2025-01-01
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The price of Dogecoin DOGEUSD has decreased by 1.19% in the last 24 hours per data from CoinMarketCap, starting 2025 on a downward trajectory. However, Dogecoin’s declining momentum comes amid a tempered outlook in the broader crypto market.
Dogecoin in recovery phase
Despite the decline in Dogecoin’s price, the meme coin has entered a rare recovery phase, marking a major catch to watch out for.
As the market picks up steam in the ongoing bull market, DOGE might rebound and move higher. Investors are likely waiting to see the next big move before they reenter the market. This perspective is reinforced by the declining trading volume.
Within the last 24 hours, the trading volume has decreased by 22.8% to $1.91 billion, suggesting investors' declining interest. Currently, DOGE trades at $0.3139 with a market capitalization of $46.27 billion.
The next crucial support for DOGE is $0.325, which will determine its next movement. DOGE could see an uptrend if it breaks through this key support. However, Dogecoin could slip further downward if it fails to move above this level.
DOGE whales increase momentum
Meanwhile, Dogecoin whales ended 2024 with huge token accumulation.
According to a report from U.Today, these whale investors moved $258 million worth of DOGE in just 24 hours. Per the transaction details, the whales moved 466.8 million DOGE before transferring 350 million DOGE an hour later.
In another update, on-chain analyst Ali Martinez pointed out that the whale accumulation is 300 million DOGE. This increased whale activity ignited bullish expectations for DOGE’s future movement. Moreover, IntoTheBlock data showed Dogecoin whale transactions jumped by over 41% in just 24 hours, further reinforcing the heightened activity.
Typically, DOGE whale investors directly impact the asset's market price. Their increased attention could indicate that Dogecoin is set to see a breakthrough.