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Dogecoin increases by 15% today, will DOGE reach a new ATH?
Memecoin is witnessing a significant price increase as we enter the new year. Although the cryptocurrency price surge began in December 2024, the price of DOGE sharply declined that month. With the support of key technical indicators, combined with whale accumulation, the price of DOGE is currently soaring. As a leading memecoin, the price increase of DOGE may also affect the price charts of other memecoins.
According to the CoinMarketCap cryptocurrency price tracking platform, the price of Dogecoin has increased by about 15% today. The DOGE token is trading at $0.391, slightly lower than the $0.4 price level. While its trading volume has surged over 120%, the market capitalization is currently over $57.67 billion, with a 15% increase. Therefore, the DOGE price is trading above $0.39, compared to $0.33 earlier today. Will Dogecoin Reach a New ATH?
One of the main reasons behind the rise of DOGE is the accumulation of over 1.08 billion DOGE tokens by whales. According to market analyst Ali Martinez's post on X, whales holding from 10 million to 1 million DOGE tokens have made these buy transactions. With these recent whale buy transactions, the total number of tokens held by whales has reached 46.36 billion. Since the DOGE token price declined in December 2024, this is the first time whales have accumulated at this level. Furthermore, key technical indicators also show further price increase for Doge, as seen in the 3-month chart, support and resistance levels.
The newfound interest in Dogecoin has propelled it to become a top trending token on CoinMarketCap. In the event that dogecoin surges above the key resistance level at $0.41225, the price rally could continue, raising hopes of achieving a new ATH. However, if it fails to surpass this resistance level, we may witness a consolidation phase with the main support level at $0.32190. In another note, Bitcoin has reclaimed the $98,000 price level, while Ether is trading above the $3,500 level. The long-awaited price surge of the two largest cryptocurrencies has brought new hope to the market. This reaffirms some forecasts for a larger cryptocurrency price increase in 2025. As the top memecoin by market capitalization, Dogecoin's price is expected to rise in 2025. In the event of a general market surge, we may also see a new ATH for Dogecoin. DYOR! #Write2Earn #Write&Earn $DOGE {spot}(DOGEUSDT)