Memecoins are experiencing significant price rallies as we enter the new year. Dogecoin price surged 15%, breaking a month-long downtrend.
Dogecoin Price Increase
According to CoinMarketCap, Dogecoin price increased by around 15% today. The DOGE token is trading at $0.391, slightly below the $0.4 price level. Trading volume surged by over 120%, with a market cap standing above $57.67 billion, marking a 15% rise.
Whale Accumulation of Dogecoin
One of the major reasons behind the DOGE price surge is whales accumulating over 1.08 billion Dogecoin tokens. Based on market analyst Ali Martinez's X post, whales holding between 10 million to 1 million DOGE tokens have made this purchase. The collective tokens held by whales reached 46.36 billion.
Potential for New ATH
The renewed interest in Dogecoin made it the top trending token on CoinMarketCap. If Dogecoin surpasses the key resistance level at $0.41225, the price rally could continue, increasing hopes for a new ATH. However, if it fails to cross this resistance, a consolidation period might follow with key support at $0.32190.
As the top memecoin by market capitalization, Dogecoin's price rise seems imminent in 2025, potentially leading to a new ATH if the market sees an overall increase.
