- Dogecoin’s recent surge past $0.40 and strong YTD gains reignite focus on the $1 milestone.
- While the hype is enough to create volatility, it hasn’t yet translated into lasting value.
Memecoins saw a major resurgence in 2024, with Dogecoin [DOGE] breaking past $0.40 for the first time since 2021.
While it hasn’t yet reached the highly anticipated $1 mark, it remains well above the critical $0.26 support line.
What’s driving this rise? It’s a mix of factors: strong community backing, big endorsements, whale activity, Bitcoin’s [BTC] consolidation, and the growing memecoin “supercycle.”
With all these factors in play, could DOGE be gearing up for a run toward $1 as 2025 kicks in?
Memecoins are stuck in a web of ‘hype’ over ‘value’
Memecoins closed 2024 on a relatively bearish note, as the high-risk enthusiasm that surged in Q4 began to cool.
However, the year-to-date performance of memecoins still stands out. GIGA, for example, posted an impressive 7,001% surge, while Dogecoin also managed to ride a triple-digit gain.
Still, there’s a key trend we can’t ignore: not many memecoins have been able to break the elusive $1 mark.
Even the newer coins that surged massively have struggled to sustain that price point. Take Popcat [POPCAT], for example.
So what’s really keeping these coins from hitting that coveted $1, even when all the pieces seem to be in place?
This is a question that has puzzled AMBCrypto for a while.
In a recent analysis, three major factors were identified: First, the diminishing influence of figures like Elon Musk, whose backing has lost some of its weight – hence his shift away from DOGE to Pepe [PEPE].
Second, big players in the market execute their classic manipulation tactics, keeping Dogecoin stuck below $0.40. This strategic positioning ensures that there is more room for altcoins to take the spotlight.
Will 2025 be any different for Dogecoin?
Technically, for DOGE to reach $1, it would need to surge by over 200%. Given its performance in 2024, this seems more realistic than many might think.
Nevertheless, this could only become a reality if DOGE avoids slipping back below $0.26.
If it slips below this crucial support, the road to $1 gets a lot longer. And with memecoins, that’s a tough gap to close in a single cycle – especially for the reasons mentioned earlier.
Even so, while its pullback from $0.40 to $0.33 (as of writing) has dimmed hopes for a $1 rally, there’s still a flicker of optimism.
Every time DOGE dips, whales are quick to scoop it up, and the effect is clear. In just a week, DOGE has surged by 7%, with the DOGE/BTC pair turning green – showing that investor interest in quick gains is on the rise.
Source: TradingView
But DOGE’s fate isn’t entirely in its own hands. Its future is increasingly tied to broader market trends, especially as Bitcoin shows signs of recovery.
This puts DOGE in a tricky spot – its performance could either rise or falter depending on how the market plays out.
Realistic or not, here’s DOGE’s market cap in BTC’s terms
Unfortunately, its poor performance at the end of Q4, failing to attract fresh capital, adds to a growing list of red flags. It’s starting to feel like the beginning of the end for the biggest memecoin.
While a 200% surge by the end of 2025 might still seem possible, the risk of investing in Dogecoin is growing. The $1 mark could remain out of reach if these conditions don’t change.
