Predicting the price of Dogecoin in 2025: Can DOGE reach a new all-time high?

Dogecoin (DOGE) may finally be turning around after months of decline since December 2024. The popular memecoin, supported by tech billionaire Elon Musk, has bounced off a key support level around $0.143. With the upward momentum, DOGE could be gearing up for a strong price surge towards new highs. In the past 24 hours, Dogecoin has risen nearly 8%, trading around $0.1722 as of Wednesday, March 12, in the first New York trading session. With a market capitalization of about $25 billion and a 24-hour trading volume of $2.1 billion, DOGE seems to be following Bitcoin (BTC) in the broader market recovery process. Important technical levels to watch The recent recovery of DOGE from the $0.14 level aligns with the important Fibonacci retracement level of 0.786 on the weekly chart. Over the past year, it has been continuously forming higher highs and lower lows, indicating that the market correction may be nearing its end.

A breakthrough above $0.20 could trigger a larger rally towards an all-time high. However, if DOGE drops below $0.14 in the coming weeks, it may face further downward pressure. The increase in adoption and attention of organizations The Dogecoin network, supported by the Proof of Work consensus method (PoW), currently has over 6.1 million holders on the chain. Support from Musk and increasing acceptance among global merchants have helped promote its use as a payment method. Institutional interest in memecoins is also growing, with investment firms such as Grayscale and Bitwise applying for DOGE ETFs in the United States. Meanwhile, data from IntoTheBlock shows a significant increase in trading volume on the Dogecoin network in recent months. Data on the Santiment chain shows that Dogecoin whales have bought over 1.4 billion dong in just the past two days, increasing their total holdings to 24.6 billion DOGE. The increased activity of these whales may be a sign of growing confidence in a future price hike of DOGE.