Dogecoin (DOGE) Futures Hit New Milestone, Eyeing $1 by 2025

Dogecoin futures have hit a new milestone, with open interest soaring to 10.35 billion DOGE, surpassing the previous record from March 2024.

Dogecoin (DOGE) futures open interest hit a new record high of 10.35 billion DOGE, surpassing the previous peak of 9.9 billion DOGE recorded in March 2024, as per data from CoinGlass.

Moreover, large investors, known as "whales," are showing strong interest in the meme cryptocurrency, with transactions exceeding $100,000 observed over the weekend, according to鏈接.

This activity could signal a bullish trend for Dogecoin, given that large investors' activity is often a precursor to price momentum, especially for a token like DOGE that's heavily influenced by retail traders and meme enthusiasm.

notably, January has historically been Dogecoin's strongest month, averaging an 85% return, as highlighted by CoinDesk. In particular, the token saw an outlying performance with a 250% gain in 2014 and a staggering 700% rally in 2021.

With renewed interest emerging as Dogecoin climbs back above its 50-day simple moving average (SMA), market analyst Omkar Godbole anticipates prices could push past the $0.40 resistance level and aim for $0.50 in the coming weeks.

Some experts are even more optimistic about DOGE's future price trajectory. Alex Thorn, head of research at Galaxy Digital, predicts Dogecoin could hit the symbolic $1 mark by 2025, reaching a market cap of $100 billion.

Dogecoin's rally has also been fueled by Elon Musk's endorsement and his government efficiency initiative, which he jokingly abbreviates as "D.O.G.E." At the time of writing, Dogecoin is trading at $0.3921.