Dogecoin Sees $258 Million Move in 24 Hours as 2025 Nears

Cover image courtesy of U.Today

Dog-themed cryptocurrency Dogecoin (DOGE) has witnessed notable activity as 2024 draws to a close. In the past 24 hours, a substantial $258 million worth of Dogecoin has been transferred, capturing the attention of the crypto community.

Within the last 24 hours, Whale Alert, a blockchain data tracker, reported two transactions totaling 816 million DOGE, valued at $258 million. The transactions involved the transfer of 466.8 million DOGE in the first transaction and 350 million DOGE in another transaction about an hour later. Both transfers occurred between anonymous wallets.

Whale Alert reported:

• 350,000,000 DOGE ($109,962,192)
• 466,890,148 DOGE ($149,137,073) transferred from unknown wallet to unknown wallet.

The purpose of the 816 million DOGE transfer remains speculative, with several potential explanations:

• The transactions may represent activities of "DOGE whales," large entities holding significant amounts of DOGE.
• Transfers between unknown wallets often spark speculation about their intent, ranging from preparations for trading or private sales to over-the-counter (OTC) trading conducted outside exchanges, or simply the management of funds.

Dogecoin's Projected $1 Value in 2025

As 2024 ends, various predictions have been made for the future of the cryptocurrency market. Galaxy Research, for instance, has released its "Crypto Predictions for 2025," including its projections for Bitcoin, Ether, Dogecoin, stablecoins, and others.

Galaxy Research anticipates that Dogecoin will eventually reach $1, with the global market capitalization of the meme coin surpassing $100 billion.

At the time of writing, Dogecoin has experienced a 0.39% decline in the past 24 hours, trading at $0.32, reflecting the subdued sentiment in the market in the final hours of 2024. If Dogecoin recovers above $0.34, it could attempt a surge to the 50-day SMA at $0.382, where sellers are expected to put up a strong resistance.

Dogecoin has managed to remain above the $0.30 level. If the market fails to advance further, bears may re-enter the market. If the $0.30 support falters, Dogecoin may decline to $0.27 and subsequently to $0.23.