Dogecoin Futures Set New Record as Analysts Target $1 DOGE in 2025

AI Agents and stock market parody tokens may have been the talk of the town lately, but influential players are actively involved in dogecoin (DOGE) markets, with some setting their sights on a $1 price point by 2025.

Multiple sources indicate increased interest from "whales," a term for wealthy and influential market participants, with a spike in transactions exceeding $100,000 over the weekend. This activity could potentially signal an impending market surge.

Historically, January has been a strong month for DOGE, with an average return of 85%. Notable outliers include performances of 250% and 700% in 2014 and 2021, respectively. January also boasts a median performance of 5%, second only to October's 8%.

Futures markets related to DOGE set a new record in terms of open interest on Monday, with the number of active contracts rising from 7.50 billion to 10.35 billion DOGE over the weekend. This surpasses the previous peak of 10 billion DOGE in March 2024, according to data from CoinGlass.

Open interest, representing the total number of outstanding derivative contracts, serves as an indicator of new capital entering the market, potentially reinforcing current price trends and signaling potential volatility.

High open interest often suggests the continuation of a strong market trend. CoinDesk market analyst Omkar Godbole, based on price chart analysis, predicts a price of 50 cents within the coming weeks.

Godbole notes, "DOGE has regained the critical 50-day SMA, coinciding with a renewed uptrend in the 10-day SMA, implying a bullish bias. Additionally, the discount on Coinbase relative to Binance has vanished. This suggests a high probability of breaking through the current $0.40 three-day resistance, potentially pushing toward 50 cents and beyond."

SMA, or simple moving average, measures the average price of an asset over a specific time frame and can be used to identify support and resistance levels.

"However," Godbole cautions, "volumes on Coinbase remain low compared to November's rally, warranting caution until the $0.40 resistance is overcome."

Some analysts anticipate that DOGE will reach a memetic milestone of $1 in 2025, representing a target almost 50% higher than its previous all-time high of 70 cents in 2021.

In a post predicting market developments for the year, Galaxy Digital head of research Alex Thorn writes, "Dogecoin will finally hit $1, with the world's largest and oldest memecoin reaching a $100 billion market cap. However, Dogecoin's market cap will be dwarfed by the Department of Government Efficiency, which will identify and enact cost-cutting measures that exceed Dogecoin's 2025 projected market cap."

DOGE's recent rally is largely attributed to positive sentiment surrounding its endorsement by technology entrepreneur Elon Musk and his plans for a "Department of Government Efficiency" (D.O.G.E) aimed at improving government spending efficiency.

As noted in a CoinDesk analysis in mid-October, this endorsement has sparked anticipation among traders of increased mainstream media and retail trading interest in DOGE, potentially driving further attention and value to the cryptocurrency.