The cryptocurrency market is evolving at a rapid pace. This pace is powering the crypto tokens present in the market, especially the ones that have an original legacy in the market. Dogecoin is also gaining steady momentum as one of the leading meme coins present in the market. Will it continue to pick up pace and reach for the higher price realms?
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Dogecoin Updates
Dogecoin is currently sitting at $0.26, down 2% in the last 24 hours. The token has had a significant meltdown in terms of pricing as Bitcoin fell below the $100K mark due to rising trade war narratives. However, BTC recovered its lost pace soon after the plunge, banking on new crypto regulatory infrastructures that America is trying to establish and maintain.
In such an instance, David Sacks, Donald Trump’s crypto czar, issued a big statement, adding that the government is currently evaluating the establishment of a bitcoin reserve. If the aforementioned vision materializes, the cryptocurrency market will gain a robust boost, helping the entire token market to gain new price highs.
JUST IN: President Trump’s Crypto Czar David Sacks says they are evaluating a Bitcoin Reserve. pic.twitter.com/rDvgIs7dly
— Watcher.Guru (@WatcherGuru) February 4, 2025
As far as Dogecoin is concerned, the talks of DOGE ETF are also gaining widespread momentum. Per Polymarket, the odds of DOGE ETF being approved in 2025 are stable at 54%.
Dogecoin is currently a center of whale activity. Per Ali Martinez, a leading cryptocurrency analyst, whales have accumulated nearly $560 million worth of DOGE, showing renewed interest in the token.
“Whales have accumulated 560 million #Dogecoin $DOGE in the past week following an intense sell-off, signaling renewed interest from large holders!”
Whales have accumulated 560 million #Dogecoin $DOGE in the past week following an intense sell-off, signaling renewed interest from large holders! pic.twitter.com/ObAVfqC9xi
— Ali (@ali_charts) January 31, 2025
The token’s popularity is also gaining momentum due to Elon Musk and his DOGE department, which seems to have taken inspiration from the meme coin itself.
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The Token’s Price Prospects
As per CoinCodex, Dogecoin is currently sitting at $0.26 and may continue to trade at this price by February 10, 2025.
The token may plunge again, dropping 9% by the end of February, as CC later adds.
“According to our current Dogecoin price prediction, the price of Dogecoin is predicted to drop by -9.62% and reach $0.240209 by March 7, 2025. Per our technical indicators, the current sentiment is bearish while the Fear & Greed Index is showing 54 (neutral). Dogecoin recorded 13/30 (43%) green days with 9.54% price volatility over the last 30 days. Based on the Dogecoin forecast, it’s now a bad time to buy Dogecoin.”
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