Dogecoin (DOGE) Set for Potential Yearly High
Dogecoin (DOGE), the world’s biggest memecoin by market cap, could be heading for its highest price level of the year. A popular crypto analyst, Chris, on the social media platform X, has predicted that Dogecoin might hit $1 by September 2025.
DOGE Set for Bullish Breakout
In a recent post on X, Chris pointed out positive indicators that suggest a bullish breakout for DOGE. Notably, Ichimoku Cloud, often seen as an influential momentum indicator, has flipped bullish. The analyst, therefore, anticipates DOGE to hit the $1 psychological level by Summer.
Image Source: Chris on X
Secondly, DOGE has breached a long-term downtrend line, signaling a change in market mood. With $1 as a technical and psychological landmark, Dogecoin might return to price discovery mode if this breakthrough persists.
Another analyst, Ali Martinez, shed light on the increased activity in the Dogecoin network. He highlighted that the memecoin is witnessing a spike in active addresses, transaction volume, and whale activity.
As outlined in our recent blog post, DOGE experienced a 990% surge in active addresses over one week. Also, the overall open interest for Dogecoin futures contracts rose sharply, gaining over 66% within the same period. According to the analyst, these are bullish signals that could aid in the growth of DOGE.
The analysts predict that the asset could reach this level in the next few months. The highest that the memecoin has managed to rise to is $0.7376. Therefore, the $1 price target is a long journey for DOGE. The OG memecoin has barely seen major movements throughout the past 24 hours.
Data reveals that DOGE saw a decline of 0.64% during this period, setting the price at $0.23.
However, the daily price decline comes after DOGE saw a major spike of 10.7% over the past week. The trading volume also increased by 25.7% to $2.4 billion, indicating a rising investors’ interest.
Dogecoin ETF Expectations
The ongoing momentum in the Dogecoin market is sustained by increasing speculation about spot Exchange-Traded Funds (ETFs). An eventual approval of a DOGE-based ETF could funnel a large influx of new capital into the market.
As we covered in our latest report, fund managers such as 21Shares, Bitwise, and Grayscale have applied to launch DOGE spot ETFs. Additionally, Nasdaq has filed Form 19b-4 to list shares in the 21Shares Dogecoin ETF. For now, the US Securities and Exchange Commission (SEC) is considering these fund managers’ applications.
The DOGE ETF proposals picked up momentum following Paul Atkins’ appointment as Chair of the SEC. His tenure has sparked optimism among investors that the regulator will approve DOGE ETFs soon. Bloomberg analyst Eric Balchunas gave an 80% chance for a DOGE ETF approval this year.