With Musk's backing, will Dogecoin soar again in 2025?
Musk is known as Dogecoin's "number one fan," and his every move profoundly influences Dogecoin's price trends. For example, his mentions of Dogecoin on social media or his public expressions of confidence in Dogecoin can quickly ignite market enthusiasm, leading to significant price fluctuations. In 2021, his multiple discussions about Dogecoin on Twitter caused its price to surge by 200% overnight, and it skyrocketed over 100 times within the year.
Recently, Musk's X platform is set to launch the payment feature "X Money," and many speculate that the platform may support Dogecoin payments. If this comes true, Dogecoin is expected to occupy a central position in the cryptocurrency payment field, ushering in broader application space.
From a technical perspective, Bitcoin's zk-native execution layer QED Protocol will collaborate with Nexus to introduce smart contract functionality to Dogecoin using zkVM technology, which can effectively enhance Dogecoin's scalability and provide technical support for its development.
Many analysts are quite optimistic about Dogecoin's price trends in 2025. According to CoinCodex data, Dogecoin's trading price is expected to range between $0.308355 and $1.109734 this year, with an annual average price of $0.526542, offering a potential investment return of 222.96%. Some even expect it to reach the $1 mark by March. There are analysts with more aggressive predictions, suggesting that Dogecoin could soar by 3700% this year, reaching $11.65 by the end of the year, with some even projecting $20.
From a technical analysis perspective, Dogecoin has broken through a symmetrical triangle pattern that has been in place since April 2021, which usually continues the previous trend. Dogecoin also had a similar breakout from 2020 to 2021, followed by an astonishing 31375% increase, and now history seems to be showing signs of repeating itself.
