Dogecoin Price Gains 6% as Whale Interest Increases in 2025
The cryptocurrency market opened in 2025 with a bullish outlook, particularly for Bitcoin. Dogecoin, the oldest meme coin, gained over 6% in price within 24 hours, trading at about 33% on January 2, 2025.
Dogecoin has a fully diluted valuation of approximately $49 billion and a 24-hour average traded volume around $2.6 billion. It is nearing a parabolic phase in the 2024/2025 crypto bull run, bolstered by the re-election of pro-crypto President-elect Donald Trump.
Despite this momentum, Dogecoin has been experiencing a midterm correction since reaching a resistance level of about 48 cents in December. The price has consistently closed below the 50 Moving Average (MA) on the daily chart.
After a decline exceeding 40% in four weeks, DOGE retested a crucial support level around 26 cents, aligned with the 0.618 daily Fibonacci level. This suggests preparation for a significant upward movement toward a new all-time high.
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✴️ Dogecoin: 2025, Sudden Rise To New All-Time HighHow is you, how is you feeling my friend today?
Don't Dogecoin looking ready incoming bullish wave?
Great. They is using royal English today!I bring you Dogecoin today on a tough spot.… pic.twitter.com/z8zQ2o4OLX
— Alan Santana (@lamatrades1111) January 2, 2025
Dogecoin Network Fundamentals
Backed by tech billionaire Elon Musk, Dogecoin has attracted increased interest from whale traders. The network provides crypto miners with higher daily profitability of approximately $2.64 per day for 1 GHash/s compared to other proof-of-work chains.
Recent on-chain data reveals that the top 100 richest Dogecoin holders control around 95.3 billion DOGE coins, representing about 65% of the total supply. After recent profit distributions, these whales added over 300 million coins to their holdings, totaling approximately 23.5 billion tokens.
The Dogecoin community anticipates the integration of the meme coin for payments on the X platform. CEO Linda Yaccarino announced that X Money, expected to launch in 2025 alongside other products like X TV, may integrate with Dogecoin, enhancing its real-world utility.
The meme coin industry, currently valued at around $115 billion with a 24-hour average trading volume of about $14 billion, is positioned to lead in the ongoing macro bull run.