Dogecoin (DOGE) Surges 21% This Week, Outperforming Shiba Inu (SHIB) and Pepe (PEPE)

Analysts Predict DOGE Could Reach $1 by 2025

Dogecoin (CRYPTO: DOGE) price action surged ahead of Shiba Inu (CRYPTO: SHIB), Pepe (CRYPTO: PEPE) and Bonk (CRYPTO: BONK) this week as whales scooped up more than 1 billion DOGE, valued at $413 million, according to Blockchair.

One massive accumulation included a whopping $144.9 million transferred from Binance to a private wallet, which could be a bullish technicality indicating reduced selling pressure. At $0.38 per token, Dogecoin left its competitors trailing in gains, with SHIB up 7%, PEPE up 10% and BONK up 14%.

Analysts predict DOGE could reach $1 by 2025

Galaxy Digital analyst Alex Thorn predicted that Dogecoin could surge by 170% to hit $1 in 2025, pushing its market cap to $100 billion. In his "2025 Crypto Predictions" published on Monday, Jan. 2, Thorn stated, “Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100bn market cap.”

Historical price data seems to support the optimism. January has consistently been Dogecoin’s best-performing month, averaging an 85% return, according to Cointelegraph, citing data from CryptoRank.

Yield farming DOGE gains momentum

In other related news, Spirit Blockchain Capital (TSE:SPIR) announced plans to use its Dogecoin holdings for yield farming, a strategy that could be likened to MicroStrategy’s (NASDAQ:MSTR) approach to Bitcoin. This move may pave the way for new financial products, both in the retail and institutional investing space, to generate yield on their crypto holdings.

Dogecoin price action trades at $0.3836 at the last check.