Dogecoin Price Prediction: DOGE to Hit $1 in 2025, Eclipsing Its Lifetime Peak, Alex Thorn Says

DOGE price action is setting itself up for a bigger move in 2025, fueled by whale transactions, record futures open interest, and Elon Musk’s plans.

Dogecoin (DOGE) price action appears to be gearing up for a grander move this year, propelled by several bullish indicators and the upcoming launch of the Department of Government Efficiency (D.O.G.E.).

DOGE price analysis: setting the stage for a bigger move in 2025

Data from multiple sources confirms an uptick in transactions worth above $100,000 this past weekend—often a signal that wealthy and influential market participants have plans in the works. These Dogecoin whales appear to be positioning themselves ahead of a bigger move for DOGE, potentially catapulting prices closer to the much-hyped $1 threshold later in 2025.

January is historically DOGE’s best-performing month. On average, DOGE has surged 85% in January. Though the median bump stands at around 5%, there have been notable outliers: gains of 250% in 2014 and 700% in 2021. October is the only month that outdoes January’s median with an 8% return, underscoring that DOGE’s most explosive moves often appear out of nowhere. A major catalyst for this January is the Trump inauguration on January 20, a potentially explosive trigger for a Dogecoin price surge.

Futures market hits record for DOGE price action

On Monday, the futures market for DOGE hit fresh highs in open interest, climbing to 10.35 billion DOGE from 7.50 billion DOGE over the weekend. According to CoinGlass data, this surge surpasses the previous open interest peak of 10 billion DOGE set back in March 2024.

Open interest measures how many derivative contracts (like futures or options) remain unsettled. A jump often signals new capital flowing into the market—an important tell for either confirming price direction or foreshadowing volatility on the horizon.

Dogecoin price analysis: technicals, Musk, and the D.O.G.E. Department

From a longer-term perspective, some traders and analysts expect DOGE to finally achieve the meme milestone of $1 in 2025, eclipsing its lifetime peak of around 70 cents in 2021. Alex Thorn, head of research at Galaxy Digital, is among the believers, predicting “Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100bn market cap.”

Meanwhile, technical analyst Satoshi Flipper, keeps it simple with this chart, plotting a clear path to a $1 price target based on the developing Dogecoin bull flag.

Much of DOGE’s recent optimism is tied to Elon Musk’s full-throated endorsement and his proximity to the Trump administration. Musk has launched plans for a Department of Government Efficiency (D.O.G.E.), a government body aimed at streamlining federal spending. The name alone has prompted speculation that media coverage around DOGE (the meme and the department) will keep feeding the coin’s hype cycle.

DOGE price analysis 2024: a 5x market cap surge

A retrospective glance at 2024 reveals DOGE’s market cap expanded nearly fivefold, rising from around $12.97 billion to about $49.66 billion by year’s end. The coin is now the seventh-largest cryptocurrency. While it had previously suffered an 82% drawdown from its 2021 peak market cap of $73.80 billion, the broader crypto rally in 2024—and DOGE’s renewed popularity—helped recoup some of those losses.

It’s a day of red, But Doge is proudly the seventh-largest cryptocurrency. Source: BNC