Dogecoin, the cryptocurrency that started as a light-hearted meme, has evolved into a significant player in the digital asset market. With it potentially on the verge of a major breakout, many investors are wondering if DOGE can hit $1.1 mark.
Several key factors, including the introduction of new ETFs, could drive up demand and impact its price. The meme coin is quietly building momentum, with a strong recovery in recent months. As the crypto market continues to evolve, Dogecoin’s future looks promising.
Dogecoin Price Continues to Rise
Despite its speculative nature, Dogecoin has shown a surprisingly positive trend over the past year. Its price traded in the green, with occasional dips. The meme coin reached its all-time high in 2021 when it hit $0.5696. Although DOGE dipped to $0.064 later in the year, it surged to $0.46 in 2024.
While it plunged again, it has managed to sustain its positive momentum. Unlike other memecoins, which experience high volatility and fluctuations, often marked by significant losses, Dogecoin is standing strong at key levels.
At press time, the Dogecoin price is marked at $0.2669, securing a hike of 4.5% over the last 24 hours. The token has also seen notable upticks of 14% and 24% over the past week and month, respectively. As DOGE manages to sustain its positive trend, traders and investors are also showing increased interest in it. This is evident in the 8% hike in the daily trading volume, which is currently at $3.32 billion. This growing investor interest highlights the community’s confidence in the crypto’s potential move, which indeed could influence its rally.
On CoinMarketCap, Dogecoin is ranked 8th with a market cap of $40.42 billion. At the same time, DOGE remains the largest meme coin, solidifying its position in the global market.
ETF Frenzy and Regulatory Clarity
Recent developments have brought clarity and potential opportunities for Dogecoin. The US SEC’s February 2025 guidance confirmed that Dogecoin was not a security, alleviating some legal concerns. Although the SEC has delayed decisions on spot DOGE ETFs until later in the year, analysts estimate a 68-90% chance of approval due to new listing standards and growing institutional interest. A Dogecoin-focused fund DOJE, has already raised $21-26 million in its first week, demonstrating demand for regulated DOGE exposure. Meanwhile, Europe’s MiCA framework allows for the listing of meme coins under strict oversight, while Singapore’s regulators are cautioning investors about speculative risk associated with these assets.
Whale Accumulation
According to on-chain data, large whales are aggressively collecting DOGE. In the first week of October, large holders bought about 30 million DOGE, worth approximately $7 million, sparking speculations of a major rally. As of October 6, mid-tier wallets have also boosted their holdings by 30 million tokens. Reportedly, the top 1% of addresses now boasts control over a massive 96% of the DOGE supply. A crypto voice on X, Gobovi, noted, “Whales have snapped up over 30 million DOGE, fueling optimism around a potential spot ETF approval. With price hovering near $0.26, bullish sentiment is building toward a possible breakout.”
Dogecoin Eyes $0.6
Driven by the current sentiment and upcoming developments, analysts and experts remain highly optimistic about the token. For instance, analysts like KNIGHT believe that DOGE will see a rally to $0.6 and beyond. At the same time, analyst Mags provide a more bullish prediction that the DOGE will soar to $1.1 in November.
Notably, Dogecoin has found support at the $0.247–$0.25 zone, rebounding to the $0.26–$0.27 range. Buyers consistently stepped in around the $0.251–$0.252 level, providing a floor for the price despite intraday fluctuations. Technical analysts are watching an ascending triangle pattern, with resistance at $0.265–$0.27, which could signal a potential breakout if the momentum continues to build.
