Dogecoin surged 9% to a weekly high of nearly $0.46, following Bitcoin’s historic rise above $100,000. Bitcoin peaked at $103,679 before settling at $102,447, an increase of 49% over the past 30 days. Dogecoin price fell slightly from its peak, but remained the biggest gainer among the top 10 cryptocurrencies by market capitalization. At $0.4518, it surpassed Bitcoin’s 7% rise and Ethereum’s 5% rise.
Bitcoin’s dominance in the crypto market has increased to 56%, with the overall market capitalization reaching $3.8 trillion. This increase in value is largely due to 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 rising 7.5%. Despite these movements, Dogecoin remains the leader in terms of market capitalization in the meme coin space.
Dogecoin has seen significant gains since Donald Trump’s election victory, increasing 163% over the past 30 days. Following Bitcoin’s price action, Dogecoin rebounded strongly on Wednesday, rising more than 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, recalled Followers that Dogecoin often follows Bitcoin’s price trends, reinforcing the coin’s positive outlook. This trend has been consistent in previous rallies, with Dogecoin often mirroring Bitcoin’s performance. Technical analysts, like Kevin, predicted that Dogecoin could reach $3.80 to $4.00 before the end of the week, hinting at an impending altcoin season as Bitcoin’s dominance wanes.
The possibility of Dogecoin reaching extraordinary levels in the coming year has sparked debate. A few analysts I think Dogecoin could reach between $15 and $16 in 2025, reflecting a potential increase from 3,185% to 3,404%. However, critics argue that such an increase would push Dogecoin’s market capitalization well beyond $2 trillion, a figure far higher than Ethereum’s current $464 billion valuation. Such projections seem unlikely, prompting skepticism from traders and users.
Despite these discussions, the latest market developments suggest strong momentum for Dogecoin, driven by the performance of Bitcoin. Dogecoin’s 18% increase in trading volume further supports this bullish sentiment. As Bitcoin’s dominance continues, altcoins like Dogecoin are increasingly expected to continue to benefit from Bitcoin’s success. Traders are awaiting further confirmation that the market is entering altcoin season, with Bitcoin dominance as the key indicator.