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As of 10:08 AM, January 6, 2025 (GMT-5), Dogecoin (DOGE) is priced at $0.390100, showing a +1.92% increase from its previous close of $0.382527. The cryptocurrency has been trading within a day’s range of $0.376835 – $0.392184, with a 52-week range spanning from $0.074972 – $0.483510.
Dogecoin’s market cap stands at $57.539 billion, with a circulating supply of approximately 147.51 billion DOGE. Over the past 24 hours, $2.58 billion worth of Dogecoin has been traded across active markets.
Dogecoin’s recent upward movement has been driven by a surge in whale activity and increased investor interest. On January 3, 2025, whales reportedly bought 1.08 billion DOGE worth about $413 million at the time, signaling strong confidence in the meme coin. The following day, another whale transferred 5 billion DOGE, valued at approximately $2 billion, to an unknown address, positioning itself as the fourth-largest holder of Dogecoin.
Analytics from Santiment show a rise in whale transactions of over $1 million for Dogecoin in the past week, a trend often interpreted as a bullish signal in the crypto market. This uptick in whale accumulation reflects the belief that these deep-pocketed players are skilled at identifying market trends and positioning themselves for long-term gains.
Investor interest has been further piqued by Spirit Blockchain Capital, a publicly listed Canadian investment firm, which announced plans to use its DOGE holdings to generate yield via a dedicated Dogecoin-focused strategy.
A key driver of Dogecoin’s momentum is the speculation surrounding Elon Musk’s plans for the X platform, where he may incorporate Dogecoin as a payment option on his upcoming ‘X Money’ system. Given Musk’s long-standing support for Dogecoin, this news has generated excitement among investors, further fueling DOGE’s price action.
Finally, the rise in open interest (OI) for DOGE derivatives signals heightened demand. Data from CoinGlass indicates that DOGE’s OI grew by more than 50% from $2 billion on December 1, 2024, to $2.97 billion on December 6, 2024, further demonstrating the increased bullish sentiment.
Disclaimer: This article is for informational purposes only and does not constitute financial advice.