A New Record Comes from Dogecoin (DOGE)! What Does It Mean for Price?

The largest and most popular memecoin Dogecoin (DOGE) After experiencing a big rally, it fell to $ 0.30.

However, DOGE upward expectations continue. Because data shows that whales’ interest in Dogecoin continues to increase.

At this point, while investors showed great interest in DOGE, DOGE futures markets broke a new record in the number of open positions. 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.

DOGE Commenting on the change in the futures market, experts said that the increase in open interest indicates the inflow of new money into DOGE, potentially indicating a rise and also approaching 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 he expects Dogecoin to rise in the coming weeks and the price to reach $0.5.

Referring to historical data and 50-day SMA in this prediction, 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, coinciding with the rise in the 10-day SMA, indicating 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 $0.4 resistance, potentially moving to $0.5 and even higher.”

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.