In the volatile cryptocurrency market, momentum is building around Dogecoin (DOGE) with analysts predicting a rise that could push its price to the $2 barrier. This optimism is fueled by several factors, most notably the increasing likelihood of approval for DOGE exchange-traded funds (ETFs), along with massive movements from 'whales' who have opened long-term buy positions worth $12 million.
The coin's breach of the resistance level at $0.23 and its daily increase of 7.75% reflect investor confidence. Polymarket data indicates a 64% chance of Dogecoin ETF approval before the end of 2025, while the market recently saw the purchase of more than one billion DOGE units in a single day, valued at over $200 million, which enhances upward pressure and limits the chances of a drop below $0.15.
Some experts predict the price will reach $0.40 during this year, driven by declining interest rates and supportive regulatory reforms. However, reaching the $2 target may require additional catalysts, such as improvements in the macroeconomy or support from influential figures like Elon Musk.
If these scenarios materialize, Dogecoin may transform from a meme 'joke' currency to a significant investment asset in the eyes of the market.
