Dogecoin Rallies 10% To 41 Cents: How High Can DOGE Go?

Dogecoin's DOGE/USD market valuation has soared to $61.4 billion as the “king of memes” spiked 10% overnight.

Cryptocurrency	Price	Market Cap	24-Hour Trend	7-Day Trend
Dogecoin DOGE/USD	$0.415	$61.4 billion	+10.4%	+23.7%
Shiba Inu SHIB/USD	$0.00002438	$14.4 billion	+10.3%	+12.6%
Pepe PEPE/USD	$0.00001999	$8.4 billion	+8.3%	+12.7%

Trader Notes: Prominent technical analyst Kevin has identified the $0.4155 level (0.786 Fibonacci) as the key target following Dogecoin's breakout.

Breaking this resistance could pave the way for revisiting previous highs and potentially surpassing them.

Break the .786 at .4155 is the next mission here after the perfect breakout call. If we do then revisiting the highs and beyond is next. Patreon members are printing heavy of #Dogecoin. We love some #DOGE pic.twitter.com/WFhtqVlBb4
— Kevin (@Kev_Capital_TA) January 17, 2025

Johnny, another crypto trader, highlighted retail investors’ recent success with XRP, which surged from $0.50 to $3.40 in mere weeks.

He predicts DOGE could similarly trend higher, with retail enthusiasm potentially pushing it past $1.

This rally may coincide with Donald Trump's inauguration and Elon Musk's influence, igniting what he calls “Doge season” as early as Monday.

Prominent trader Unipcs echoed this sentiment, forecasting DOGE to become the first $100 billion meme coin, riding momentum from the formation of the Department of Government Efficiency.

Statistics: Whale Alert data shows around 600 million DOGE was transferred between unknown wallets in two different transactions.

In one 200 million DOGE, worth 77.3 million, and in the second 400 million DOGE, worth $154.3 million, were transferred.

Both transactions originated from addresses among the richest Dogecoin wallets, sparking potential price volatility.

Coinglass data shows open interest spiked 17.1% to $5.4 billion while DOGE derivatives volume maximized by 30.9% to $10.3 billion.

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