Dogecoin’s Big Moment: Venture Billionaires Could Fuel the Next Rally

(DOGE-USD) is experiencing an extraordinary revival, reaching $0.47 on November 23 — a 240% increase in just a month. Several pivotal factors contributed to this rally, ranging from market optimism to high-profile political developments. The Dogecoin price rally, fueled by speculation and strong market sentiment, has analysts forecasting a breakout to $0.82, with long-term targets of $1.25 and beyond.

Factors Behind the Growth

One key trigger was Donald Trump’s appointment of Elon Musk and Vivek Ramaswamy to lead the U.S. Department of Government Efficiency (DOGE). This unprecedented initiative, involving Silicon Valley icons like Marc Andreessen and Bill Ackman, aims to modernize government operations. Elon Musk has repeatedly spoken about his support for Dogecoin, and the media even claimed that he allegedly secretly financed the development of the asset.

Given this, the asset often reacts to the actions or words of the entrepreneur. Thus, the day before Trump’s announced victory in the US presidential election, the price of DOGE rose by 21%, and the mention of Musk’s potential participation in the Trump administration provoked an increase in the asset by more than 160%. Over the past month, the price of DOGE has grown by almost 240% and reached $ 0.47.

The coin also reached a maximum of 0.0000049 BTC — a level not seen since late 2022, and its monthly growth was 210%, which is far ahead of ‘s 45% growth.

The surge also coincided with broader market dynamics, including the bullish trend in Bitcoin and the launch of new cryptocurrency exchange-traded funds (ETFs). Institutional interest has brought fresh capital into the market, indirectly benefiting altcoins like Dogecoin. Enhanced ecosystem projects, such as RadioDoge enabling offline transactions, added functional appeal to the token.

Bullish Forecasts

Forecasts for 2025 indicate the possibility of DOGE reaching a price of $0.75–$0.83 by mid-year and breaking through the $1 level by the end of the year, notes Pauline Shangett, CMO of crypto exchange ChangeNOW:

“Dogecoin’s price could climb to $0.7 by year-end and even reach $1 in early 2025 if the current momentum holds strong. Elon Musk’s growing influence and his ongoing support for DOGE are key drivers behind this optimism. However, the sustainability of this growth will depend on stable market conditions, the adoption of new innovations, and continued investor interest.”

Crypto analyst Cobra Vanguard has identified a bullish structure forming on the weekly Dogecoin chart.

Source: TradingView

His latest analysis suggests that the meme coin could be gearing up for a rally towards $1, a psychological level that DOGE has been eyeing for years. The latest analysis is based on Dogecoin’s recent uptrend, which saw it rise to $0.44 before facing a pullback. The analyst forecasts an AB=CD harmonic pattern, where the price could rally to $0.68. Moreover, the Fibonacci extensions suggest further resistance zones at $0.65 and eventually $1.

Notably, trading volume confirms this bullish outlook. An increase in buying activity accompanies the breakout, confirming strong momentum. Shangett agrees that the next target is at $0.6:

“Dogecoin’s current trading volume of 36.78 million indicates a steady market, far from declining, as it supports consistent activity during the consolidation phase. This balanced interaction between buyers and sellers appears to be setting the stage for a potential breakout. Such steady volume provides stability, but any sudden volume spikes could signal a breakout from the consolidation zone. If the bullish trigger price is surpassed, the next upward target is projected at $0.6, reinforcing optimism for a strong rally.”

Meanwhile, the daily chart of DOGE shows the short-term outlook for the meme coin as it aims for the $0.5 level. Dogecoin is currently consolidating at nearly $0.40 after its significant rally. A sustained break above this level could push the price towards its recent high of $0.44 and, subsequently to $0.48. A break of this level could potentially lead to $0.63. DOGE’s last resistance below $1 is near $0.94.

Analyst Ali Martinez is forecasting a further breakout to $0.82, while Tardigrade sees $1 by Q1 2025 and a long-term target of $3.6. Market conditions could push DOGE towards $0.65-$1.25 soon. DOGE is currently trading at $0.4, up 6.5% over the past day and 8.5% over the past week. As the meme coin continues to attract attention, analysts believe that its bullish momentum is far from over.

Above $2

Some analysts, such as Master Kenobi, believe that DOGE could reach as high as $2.8 between December 9 and December 23. Kenobi cites a repeat of the previous cycle and a “zoom-out” perspective, which remains bullish.

Source: Raoul Pal’s X account

The impressive track record of Dogecoin, which has outperformed Bitcoin by 550% since its launch ten years ago, was recently highlighted by Raoul Pal:

“One of the most WILD things in all of crypto is that $DOGE has proven to be harder money than $BTC and has outperformed by 550% since launch (10 years!) and looks like it might even to continue to outperform over time!”