The largest and most popular memecoin, Dogecoin (DOGE), has experienced a significant drop to $0.30 levels after a major rally.
However, there is still an expectation for DOGE to rise, as data indicates that whales’ interest in Dogecoin continues to increase.
Currently, investors are showing great interest in DOGE, and the DOGE futures markets have broken a new record in open interest. According to Coinglass data, the number of active contracts has increased from 7.50 billion DOGE to 10.35 billion DOGE over the weekend, surpassing the peak of 10 billion DOGE in March 2024.
Experts who are commenting on the change in the DOGE futures market have stated that the increase in open interest suggests that new money is entering DOGE, which could potentially lead to a rise in price and also indicate upcoming volatility. According to these experts, a high open interest rate also suggests that a strong trend will continue.
Market analyst Omkar Godbole has stated that Dogecoin will rise in the coming weeks, and he expects the price to reach $0.5. He supports his forecast by citing historical data and the 50-day Simple Moving Average (SMA), stating that historically, DOGE has performed best in January with an average return of 85%.
“DOGE has surpassed the closely watched 50-day SMA and has also seen a rise in the 10-day SMA, which indicates a potential uptrend. Additionally, the price difference between Coinbase and Binance has disappeared, suggesting that prices are likely to break the current resistance at $0.4 and potentially move towards $0.5 and beyond.”
In addition to Godbole’s short-term target of $0.5, Alex Thorn, the head of research at Galaxy Digital, expects Dogecoin to reach $1.
*This is not investment advice.
