On Tuesday, crypto analyst Ali Martinez shared insights from Santiment, revealing a striking development: whales holding between 100 million and 1 billion DOGE added 300 million tokens to their portfolios. The strategic move represents an investment of about $94 million, showcasing their bullish outlook.

Source: X

This accumulation wasn’t an isolated event. Just a week earlier, whales with holdings between 10 million and 100 million DOGE picked up 270 million tokens. Combined, these recent actions underline a pattern of significant accumulation, with whales seemingly betting big on Dogecoin’s potential for 2025.

Can DOGE Hit $23? Bulls Stay Hopeful

Despite these optimistic moves, Dogecoin has been trading within a narrow range of $0.30 to $0.32. The tight price action over the past two weeks hasn’t discouraged bulls, who remain hopeful for a rally. Historical performance hints at the potential for dramatic surges, as seen in 2021 when DOGE’s price soared over 700%.

Looking ahead, Martinez has suggested a lofty price target of $23 in this market cycle. Achieving such heights would require a market cap in the trillions, a monumental leap from its current valuation of approximately $47.35 billion.

Source: Ali Martinez

Optimism Meets Reality — Will History Repeat Itself?

January has often been a pivotal month for Dogecoin, delivering an average return of 83.9% over the last decade, according to CryptoRank. It’s also the month that Dogecoin’s meteoric rise in 2021 was seen. However, the track record isn’t flawless. Historically, only five out of eleven Januaries have yielded gains for the coin, and the median return for the month is a modest loss of 3.86%.

Source: CryptoRank

Even so, optimism persists. Dogecoin ended December at $0.317 per coin, its highest close since the 2021 bull run. The latest monthly candle also closed above a key support zone, giving bulls reason to stay hopeful.

Elon Musk’s influence on Dogecoin can’t be ignored. Tesla’s CEO has often championed the meme coin, referring to it as his “favorite” cryptocurrency and even accepting it as payment for Tesla products. Tesla, however, continues to hold roughly 10,000 bitcoins, valued at around $1 billion, on its balance sheet.

Musk’s involvement doesn’t stop at memes. His backing of Donald Trump during the 2024 U.S. presidential election and the creation of the Doge Department Of Government Efficiency—a playful nod to the Shiba Inu meme—show his unique approach to blending humor and advocacy for cryptocurrency. With Elon’s backing the 2025 price predictions for Dogecoin are bullish.

Source: X