Dogecoin Jumps 21% Amid Whale Accumulation, $1 Price Predicted
Dogecoin has seen a remarkable 21% rise over the past week, outperforming other popular memecoins like Shiba Inu, Pepe, and Bonk. At the time of writing, DOGE is trading at $0.38, while Shiba Inu, Pepe, and Bonk have recorded smaller gains of 7%, 10%, and 14%, respectively.
The surge is attributed to renewed interest from large investors, commonly known as whales. On 3rd January, over 1.08 billion DOGE—valued at $413 million—was purchased by these whales. On the same day, a significant transfer of 399.9 million DOGE, worth approximately $144.9 million, was moved from Binance to an unknown private wallet. Such transactions are often seen as bullish signals, indicating reduced selling pressure.
Dogecoin’s price surged 21% over the past week, peaking at $0.39. Source: CoinGecko
Alex Thorn, head of research at Galaxy Digital, predicts Dogecoin could reach $1 by 2025, which would represent a 170% increase in its price and push its market capitalisation to $100 billion. “Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100bn market cap,” he stated in Galaxy’s 2025 crypto outlook.
Elon Musk Faces Criticism Over X Algorithm Changes
Elon Musk has drawn backlash following his announcement of changes to X’s (formerly Twitter) algorithm. The new algorithm aims to prioritise “un-regretted user-seconds” by reducing the promotion of negative content. Musk stated, “Too much negativity is being pushed that technically grows user time, but not un-regretted user time.”
However, many users on X have criticised the changes, labelling them as a form of censorship. Critics argued that the definition of “negativity” is subjective and questioned who would determine what qualifies as negative content. The controversy follows a recent online dispute involving Musk and his supporters over immigration policies.
Insider Trading Allegations as Solana’s Focai Memecoin Nets $20M Profit for Select Wallets
At least 15 blockchain wallets suspected of insider trading have reportedly turned an initial $14,600 investment into over $20 million through Solana’s Focai.fun (FOCAI) memecoin launch. These wallets, which collectively acquired over 60.5% of FOCAI’s token supply, sold their holdings for a profit of 94,175 SOL tokens (worth approximately $20.5 million), according to on-chain analytics platform Lookonchain.
Source: Elon Musk
The incident has sparked criticism from blockchain analysts, highlighting the risks to decentralisation when a small number of wallets hold a majority share of a token. FOCAI peaked at over $46 million in market capitalisation but dropped by 14% to $39.6 million within hours, as per data from Pump.fun.
This case raises concerns over transparency and fairness in crypto token launches, particularly on decentralised platforms like Solana’s memecoin launchpad.
In Summary
The cryptocurrency world continues to experience significant developments, from Dogecoin’s rally driven by whale interest to Elon Musk’s divisive algorithm changes and allegations of insider trading on Solana. These events underline the dynamic and often controversial nature of the crypto industry, with implications for investors, developers, and regulators alike.
Stay tuned for more updates as the landscape evolves.
