TL;DR

DOGE surged substantially as whales bought over 1 billion tokens in the last 24 hours. Elon Musks upcoming role in leading the Department of Government Efficiency (D.O.G.E.) has bolstered excitement among Dogecoin proponents.

New ATH Incoming?

The biggest meme coin in terms of market capitalization has charted a solid 30% price increase in the past two weeks. Currently, it is worth approximately $0.36 (per CoinGeckos data), representing a 6% jump on a daily scale. 

DOGE Price, Source: CoinGecko According to one important recent development, DOGEs valuation might shoot even higher in the short term. The popular analyst Ali Martinez revealed on X that Dogecoin whales have purchased over 1.08 tokens (equaling more than $350 million at ongoing rates) in the last 24 hours. Several days ago, large investors acquired another 300 million DOGE.

Such a buying spree from whales reduces the amount of DOGE available on the open market. This could be followed by a price surge (should demand stay the same or head north). Additionally, this activity often signals confidence in the asset, encouraging retail investors to follow suit and amplifying price increases. This behavior can also lead to FOMO (fear of missing out), further driving demand.

Some market observers who speculate that DOGE could soon hit a new all-time high include Trader Tardigrade and ProfessorAstrones. The former claimed that the meme coins valuation had already hit a local bottom and is now poised for a rally toward a fresh peak. ProfessorAstrones observed DOGEs price chart, provocatively telling his almost 200,000 followers on X to remind them when it breaks $1.

2025 to Become DOGEs Year?

Some might assume the new year could be highly successful for the OG meme coin. After all, Donald Trump will become Americas 47th President in less than 20 days, while Elon Musk will lead a newly established division called the Department of Government Efficiency (D.O.G.E.). The entitys main goal will be to reduce bureaucracy, cut unnecessary regulations, and eliminate wasteful spending within the US government.

Musks involvement in politics and the name of the division he is about to spearhead have infused huge enthusiasm among DOGE proponents. After all, Teslas CEO is a huge advocate of the meme coin, often praising its merits and endorsing it on X.

Moreover, in May last year, his EV giant integrated DOGE as a payment option on its website. We have yet to see whether some of his businesses will introduce other Dogecoin-related initiatives in the next 12 months.