In the realm of meme-based cryptocurrencies, spearheaded by Dogecoin (DOGE), there has been a period of stabilization following a tumultuous surge in November. Nevertheless, some analysts are of the opinion that the canine-themed meme cryptocurrency could witness a substantial 23x surge to reach $10 in the upcoming year.
Trader Tardigrade, one of the analysts, has put forth a conjecture that DOGE could potentially skyrocket above $10 if historical trends come to fruition.
Anticipated Price Targets for DOGE in 2025
Tardigrade is not the pioneer in issuing a bold prediction of DOGE reaching $10. Back in October, a well-known cryptocurrency analyst, Ali Martinez, expressed a similar forecast grounded on a prolonged upward trend channel.
Martinez pointed out that in the course of the last two cycles, DOGE reached its peak at the upper boundary of the channel. Should this pattern repeat itself, DOGE may touch $10 during the current cycle.
Insights from Whale Investors
While these projections may appear implausible, major investors are bracing for another surge in DOGE. Notably, a specific group of investors, comprising wallets holding 100 million to 1 billion DOGE (marked in red), have resumed buying after a period of selling since mid-November.
What is intriguing is that investors holding between 10 million and 100 million DOGE (depicted in blue) have not tapered their accumulation spree since November. Following the frenzied surge in November, the renewed interest from these prominent investor wallets intimates that DOGE might have more room to grow.
Another critical aspect to take into account is the supply in the hands of miners. DOGE, similar to Litecoin (LTC) and Bitcoin (BTC), undergoes a mining process, and the rewards earned by miners significantly impact the supply and price of the cryptocurrency.
During 2021 and the initial phase of the current cycle’s bull run in early 2024, miners offloaded a substantial amount of DOGE (evidenced by sharp declines marked in red), exerting selling pressure that coincided with DOGE’s peaks.
At present, miners are in possession of 1.22 billion DOGE, valued at over $5.4 billion. Although there has been some selling activity in Q4, it has been relatively gradual.
Should historical trends repeat themselves, a significant sell-off by miners could serve as a cautionary signal for DOGE investors to consider profit-taking.