The largest and most popular memecoin, Dogecoin (DOGE), has dropped to $0.30 levels after a major rally.
However, the expectation for DOGE to rise continues, as data shows that whales' interest in Dogecoin continues to increase.
At this point, investors are showing great interest in DOGE, while DOGE futures markets broke a new record in open interest. According to Coinglass data, the number of active contracts jumped from 7.50 billion DOGE to 10.35 billion DOGE over the weekend, surpassing the 10 billion DOGE peak in March 2024.
Experts commenting on the change in the DOGE futures market said that the increase in open interest indicates new money entering DOGE, potentially a rise and also an indication of upcoming volatility. According to experts, a high open interest rate also indicates that a strong trend will continue.
At this point, market analyst Omkar Godbole said that Dogecoin will rise in the coming weeks and he expects the price to reach $0.5.
Citing historical data and the 50-day SMA in his forecast, the analyst stated that DOGE showed its best performance historically in January with an average return of 85%.
“DOGE has broken above the closely watched 50-day SMA, which coincides with a rise in the 10-day SMA, signaling a potential uptrend.
“Additionally, the discount on Coinbase compared to Binance has disappeared. This suggests that prices are likely to break the current three-day resistance of $0.4, potentially moving to $0.5 and above.”
Alongside Godbole’s short-term target of $0.5, Galaxy Digital head of research Alex Thorn wrote that he expects $1 for Dogecoin.
*This is not investment advice.
