Dogecoin (DOGE) Hits New Record! What Does It Mean for Price?

Dogecoin (DOGE): Rallying Despite Price Dip

Despite a recent decline to $0.30, Dogecoin (DOGE) remains a popular cryptocurrency, with whale interest on the rise.

Recent data reveals a surge in DOGE futures market activity, with open interest reaching 10.35 billion DOGE over the weekend, surpassing the previous high of 10 billion DOGE set in March 2024.

Experts attribute this increase to the entry of new capital into DOGE, signaling potential price appreciation and volatility. A high open interest rate is often indicative of a sustained market trend.

Market analyst Omkar Godbole predicts a rise in Dogecoin's price in the coming weeks, potentially reaching $0.5. Historical data and technical analysis, including the 50-day SMA, support this forecast.

According to Godbole, DOGE's performance has historically been strongest in January, with an average return of 85%. He points to a breakout above the 50-day SMA and the narrowing discount between Coinbase and Binance as indicators of a potential uptrend.

In addition, Galaxy Digital's Alex Thorn has expressed optimism about DOGE, predicting a price target of $1.

Disclaimer: This information is provided for educational purposes only and should not be considered financial advice.