Dogecoin Price Targets $1 With Momentum Building for 140 % Rally

January 18, 2025 by Bena Ilyas

• Dogecoin (DOGE) saw a 10% jump on January 17, reaching $0.42, signaling potential trend reversal if it stays above the $0.40 mark.
• $200 million worth of DOGE was purchased by whales in just 48 hours, reflecting growing investor confidence.
• Analysts predict DOGE could hit $1, citing a bullish pennant breakout and strong market sentiment.

Dogecoin (DOGE), the original memecoin, is drawing attention with its surging price up 10% on January 17 at $0.42 on the one-day chart. The bullish momentum places traders on guard for a potential reversal of the current trend when it closes above the pivotal $0.40 barrier. This comes after its consolidation between $0.30 and $0.45 since November 2024; hence, the latest development suggests renewed optimism among participants.

According to prominent crypto trader Daan Crypto, DOGE’s recent price action is based on two clear accumulation phases between $0.30-$0.33. At the beginning of 2025, we saw a swing failure pattern (SFP) for the memecoin, which briefly pushed the price below $0.40. A fast recovery above $0.35 has strengthened the bullish bias.

This second flush was stronger than most other coins,” Daan Crypto noted, referring to the resilience DOGE had shown compared to Bitcoin and Ethereum, which were creating new lows in the same period. DOGE had formed a high low and reclaimed its local range – a sign of strong investor confidence.

Whales Bet $200M on Dogecoin Breakout  

The broader crypto market is gaining traction as traders anticipate heightened volatility ahead of U.S. President-elect Donald Trump’s inauguration. Notably, Dogecoin has emerged as a standout “dino” coin, a term coined to describe older assets that outperform newer tokens during market rallies. This status is supported by DOGE’s explosive 222% breakout in November 2024, reinforcing its potential as a market mover.

Santiment, a leading on-chain analytics platform, outlined that whales bought some $200 million worth of DOGE in the last 48 hours. This trend shows the growing confidence among whales and major investors, further heating speculation in the market. 

Crypto analysts and influencers predict that DOGE will rise to the psychologically important $1 mark. WSB Trader, a pseudonymous market commentator, claimed the memecoin is more than 60% likely to reach $1 before the end of January, saying: “Don’t fade Elon Musk, the richest man, and Donald Trump, the most powerful man.”  

Johnny, a prominent crypto investor with 785K followers, drew parallels between DOGE and XRP to point out how retail investors could drive the memecoin into a new breakout phase. “Once DOGE trends, it trends hard,” he said, emphasizing the growing buzz around the asset.

Dogecoin Resurgence Sparks $1 Predictions  

Adding to the bullish case, technical analyst Mikybull also pointed to the appearance of a bullish pennant breakout, which suggested that DOGE’s price would soon surge toward $1. What’s more, the forecast by the analyst comes in tandem with thought overwriting the trending sentiment that DOGE will regain its position among the best-performing cryptocurrencies.

As the crypto market gains momentum, the resurgence of Dogecoin underlines its enduring appeal to retail and institutional investors alike. With strong accumulation, whale activity, and a favorable technical setup, DOGE seems poised for another rally.

Whether the memecoin can continue upward to reach its $1 target is yet to be seen. Market participants are closely watching key support levels, hoping that Dogecoin’s latest rally marks the beginning of a new chapter in its storied history.

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