As of January 14, 2025, Dogecoin (DOGE) is experiencing renewed interest among investors, boasting a market capitalization exceeding $50 billion and trading at approximately $0.34. Analysts are speculating on potential price movements following Donald Trump's inauguration on January 20, 2025, with predictions suggesting a possible rise to $4.15 based on historical trends.
Notably, Cephii, an analyst, highlights a previous 1,107% surge in Dogecoin after President Biden's inauguration in January 2021, suggesting a similar pattern could emerge this time. Following Trump's victory confirmation, the broader cryptocurrency market has reacted positively, with Dogecoin's value increasing by 14%, largely attributed to large investors or 'whales'.
While market sentiment remains mixed, with some analysts advocating caution, Cephii's optimistic outlook points to a significant potential for Dogecoin to surpass the crucial $1 mark. Given Dogecoin's 97% correlation with Bitcoin over the past month, its future performance may closely follow Bitcoin's price movements.