On January 27, 2025, Dogecoin (DOGE) is witnessing a resurgence, trading at $0.354 after a 1.72% increase in the past 24 hours. Following a bearish week, nearly 90% of its community remains bullish, with prominent analyst Ali Martinez predicting a potential price surge of 10,000% by May 2025, akin to its explosive growth in 2021.
Martinez noted that DOGE skyrocketed from $0.007 to $0.700 in just 98 days during the last bull cycle. Current market sentiment is further buoyed by the recent proposal for a Dogecoin Spot ETF by Bitwise, which could attract institutional investment, similar to Bitcoin's trajectory.
Despite a 30.09% drop in daily trading volume, DOGE holds a market cap of approximately $52.43 billion, maintaining its position as the largest memecoin and the seventh-largest cryptocurrency worldwide. Analysts suggest that DOGE may enter an upward consolidation phase lasting until early February, although a price drop to $0.26 remains a risk if bullish momentum falters.