Why Did Dogecoin Price Increase Today? Listen to this explanation!

Bittime - Dogecoin (DOGE), one of the popular cryptocurrencies known as the first meme coin in the crypto industry, has skyrocketed again. Today, the DOGE price jumped 12.4% to $0.381 (Rp. 6,172).

DOGE is leading the recovery of the crypto market, especially in the meme coin category. This increase not only brought euphoria to investors but also gave rise to speculation regarding the potential for further increases.

This increase in Dogecoin occurred amidst Bitcoin's recovery, which returned above the $98,000 level (Rp. 1.58 billion). Apart from DOGE, tokens such as Shiba Inu (SHIB) and Pepe (PEPE) also recorded price increases of 5.8% each. However, DOGE remains superior as the market leader in this category.

Dogecoin Could Rise Again

Crypto analysts see several factors behind the surge in DOGE prices. One analyst, Javon Marks, estimates that DOGE has the potential to rise to $0.6533 (Rp. 10,580), which is an increase of 75% from the current price.

If this level is successfully passed, DOGE is even projected to soar to $1.20 (Rp. 19,440), or an increase of 234%.

On the technical side, another analyst, Tardigrade, said that DOGE has reached its lowest point and is now showing signs of new increases. 

Meanwhile, analyst Kevin highlighted technical data such as a retest in the "golden pocket" zone and DOGE's position holding above the 100 and 200 day moving averages. This shows strong market support for DOGE at the moment.

The Role of Crypto Whales

Apart from technical analysis, big moves by “crypto whales” also do not go unnoticed. In the last 24 hours, more than 1.08 billion DOGE was purchased by large investors. This data shows there is significant interest in DOGE, which may be a signal for small investors to get in on the action.

Data from Coinglass also revealed a 20.7% surge in DOGE open interest, reaching $2.7 billion (Rp. 43.74 trillion). DOGE derivatives trading volume increased 27.1%, indicating higher than usual market activity.

FAQ 

What is the Price of Dogecoin?

Dogecoin price today is trading at $0.38 per coin based on CoinMarketCap data January 4, 2025.

Why is Dogecoin Price Rising?

The increase in Dogecoin prices cannot be separated from positive sentiment among investors as well as the role of crypto whales who recently bought 1.08 billion DOGE.

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Reference

CoinMarketCap, Dogecoin, Retrieved January 4

to gasoline, Dogecoin Explodes 12%, Retrieved January 4