Introduction
Dogecoin has climbed 21% in the past week, outpacing other prominent meme tokens such as Shiba Inu, Pepe, and Bonk. Alex Thorn, Galaxy Digital’s head of research, predicts that DOGE could jump by 170%, potentially breaking the $1 threshold for the first time and raising its market capitalization to $100 billion:
“Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100bn market cap,” he wrote as part of Galaxy’s 2025 crypto predictions on Jan. 2.”
“However, the Dogecoin market cap will be eclipsed by the Department of Government Efficiency, which will identify and successfully enact cuts in amounts exceeding Dogecoin’s 2025 high-water mark market cap.”
Dogecoin Whale accumulation taking place | Source: Ali Martinez on X
Key Takeaways
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DOGE Holds Strong Momentum and Whales Are Accumulating
Dogecoin’s 21% surge and large whale transactions, totaling over $400 million—suggest reduced selling pressure and set the stage for potentially significant price movements. -
Galaxy Digital Predicts $1 DOGE
Alex Thorn, head of research at Galaxy Digital, forecasts a possible 170% rally, taking Dogecoin to $1 and boosting its market cap to $100 billion, if the token maintains support above $0.31. -
Spirit Blockchain Embraces DeFi Yield Generation
In a move echoing MicroStrategy’s Bitcoin strategy, Spirit Blockchain aims to leverage its Dogecoin holdings for yield farming, highlighting growing institutional interest in using meme coins for passive income.
DOGE Price Action and Prediction for 2025
Dogecoin rose 21% over the past week. It is now at 0.38 USD outperforming Shiba Inu at 0.00002349 USD, Pepe at 0.00002043 USD and Bonk at 0.00003356 USD. DOGE peaked at 0.39 USD. On Jan 3 whales scooped up 1.08 billion DOGE worth 413 million USD. A single transfer of 399.9 million DOGE about 144.9 million USD moved from Binance to an unknown wallet. This often signals reduced selling pressure.
DOGE testing crucial liquidity | Source: DOGEUSDT chart on TradingView
Galaxy Digital head of research Alex Thorn believes DOGE may surge another 170% to finally reach 1 USD. He predicts a 100 billion USD market cap for the oldest memecoin. Historically, whale activity has often foreshadowed large price shifts and Dogecoin's current situation appears similar. If DOGE sustains its position above 0.31 USD the stage for a big rally strengthens. A drop below that level could open a path for more downside and heightens the urgency of this consolidation phase.
Dogecoin’s price surged 21% over the past week, peaking at $0.39. Source: KuCoin
Yield Farming Dogecoin
On January 2nd, Canadian investment firm Spirit Blockchain Capital announced its intention to utilize its Dogecoin holdings for yield generation. This approach reflects the strategy employed by MicroStrategy with Bitcoin, using BTC reserves to create additional revenue streams.
Spirit Blockchain’s plan involves deploying its DOGE reserves across decentralized finance protocols, potentially offering yield-focused products to both institutional and retail investors.
Conclusion
Dogecoin’s recent 21% price surge, bolstered by significant whale accumulation, has ignited fresh optimism about the token’s future prospects. Galaxy Digital’s head of research, Alex Thorn, projects a potential 170% rally to the elusive $1 mark, an outcome that would propel DOGE’s market cap to $100 billion for the first time. On-chain data shows sizable whale transfers, an indicator that often anticipates major price shifts in the cryptocurrency market. Should Dogecoin hold above the $0.31 support level, the rally could continue and potentially fulfill Thorn’s prediction; however, a sustained drop below this key threshold risks opening the door to further downside. Adding to this evolving narrative, Spirit Blockchain Capital’s move to deploy DOGE in decentralized finance reflects the expanding utility for even meme-oriented assets. By following in the footsteps of MicroStrategy’s Bitcoin-based treasury strategy, Spirit Blockchain’s yield-farming initiative underscores growing institutional interest in leveraging crypto holdings for passive income. Whether DOGE can maintain its bullish momentum and break $1 will hinge on broader market sentiment, technical support, and continued adoption in the DeFi space.
