Dogecoin surged 9% to a weekly high of nearly $0.46, following Bitcoin’s landmark rise above $100,000.
Dogecoin surged 9% to a weekly high of nearly $0.46, following Bitcoin’s landmark rise above $100,000. Bitcoin reached a peak of $103,679 before stabilizing at $102,447, marking a 49% increase over the past 30 days. Dogecoin’s price slightly dipped from its high but remained the top gainer among the top 10 cryptocurrencies by market cap. At $0.4518, it outpaced Bitcoin’s 7% rise and Ethereum’s 5% increase.
Bitcoin’s dominance in the crypto market grew to 56%, with the overall market capitalization reaching $3.8 trillion. This rise in value was largely driven by strong institutional interest and favorable regulatory developments. Other meme coins, like Shiba Inu and Pepe, also saw gains, with Shiba Inu rising 6% and Pepe increasing 7.5%. Despite these movements, Dogecoin remains the leader in terms of market cap in the meme coin space.
Dogecoin has seen significant gains since Donald Trump’s election win, rising 163% in the past 30 days. Following Bitcoin’s price movement, Dogecoin rallied sharply on Wednesday, rising over 9% in just 24 hours. Analysts, including Captain Faibik, predict more upside potential for Dogecoin, with some targeting a price of $0.60.
Veteran Dogecoin advocate, SlumDOGE Millionaire, reminded followers that Dogecoin often follows Bitcoin’s price trends, reinforcing the coin’s positive outlook. This pattern has been consistent in previous rallies, with Dogecoin often mirroring Bitcoin’s performance. Technical analysts, such as Kevin, predicted that Dogecoin could reach as high as $3.80-$4.00 before the end of the week, hinting at an impending altcoin season as Bitcoin dominance wanes.
The possibility of Dogecoin reaching extraordinary levels in the coming year has sparked debates. Some analysts believe Dogecoin could hit as high as $15-$16 in 2025, reflecting a potential 3185% to 3404% increase. However, critics argue that such a surge would push Dogecoin’s market cap well beyond $2 trillion, a figure far greater than Ethereum’s current $464 billion valuation. Such projections seem unlikely, leading to skepticism among traders and users.
Despite these discussions, the latest market moves suggest strong momentum for Dogecoin, driven by Bitcoin’s performance. Dogecoin’s 18% rise in trading volume further supports this bullish sentiment. As Bitcoin's dominance holds steady, there are growing expectations that altcoins like Dogecoin will continue to benefit from Bitcoin’s success. Traders await further confirmation that the market is shifting into altcoin season, with Bitcoin’s dominance as a key indicator.
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