Dogecoin’s price has notably increased, climbing 5.59% in the last 24 hours. This rally coincides with the market excitement surrounding Trump’s second inauguration. The “Trump Memecoin” itself has skyrocketed by 536% since launch, sparking speculation that DOGE might follow a similar trajectory.
Whales Fuel the Dogecoin Price Surge
A well-known crypto analyst, Ali Martinez, shared data from Santiment on the X platform (formerly Twitter), revealing that whales have purchased 590 million DOGE in the last 24 hours. Following the rally in the Trump memecoin, traders are now focusing on Dogecoin, with many anticipating another bullish run. The memecoin has continued to enjoy support from Elon Musk, further fueling market confidence.
Technical Indicators Point to Bullish Momentum
According to Ali Martinez’s chart, Dogecoin remains above the breakout zone of a symmetrical triangle pattern, signalling the potential for continued upward movement. On January 14th, DOGE broke out of the pattern, and it’s now targeting approximately $0.50—a projection based on the height of the triangle added to the breakout point.
Related article: Dogecoin’s Rollercoaster Week: Will DOGE Rebound?
Historical Trends Suggest Massive Growth Potential
Ðima James Potts, another prominent analyst, highlighted Dogecoin’s historical performance during previous inauguration cycles on a weekly chart. During the 2017 cycle, DOGE experienced a remarkable 30x price increase post-inauguration. In 2021, the memecoin exceeded expectations with an 80x rally.
Potts has high hopes for the current 2025 cycle. With Dogecoin trading at $0.38 just before the inauguration, he projects a potential 55x price increase. Based on the average growth from previous cycles, this calculation could push DOGE’s price to an astounding $20.
