Dogecoin Soars 21%, $1 Prediction for 2025 Gains Momentum
Dogecoin (“DOGE”) has seen a remarkable 21% rise over the past week, outperforming its rival memecoins Shiba Inu, Pepe, and Bonk. At the time of writing, DOGE was trading at $0.38, while Shiba Inu (“SHIB”), Pepe (“PEPE”), and Bonk (“BONK”) recorded gains of 7%, 10%, and 14%, respectively.
The surge follows a renewed interest from whales, with over 1.08 billion DOGE, valued at $413 million, purchased on 3 January. On the same day, a notable 399.9 million DOGE transfer, worth approximately $144.9 million, was moved from Binance to an unknown wallet. Analysts interpret such large transactions as bullish, as coins shifted to private wallets indicate reduced selling pressure.
Alex Thorn, head of research at Galaxy Digital, has predicted that DOGE could surge by 170%, reaching the $1 milestone by 2025. “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 forecast.
Elon Musk Faces Backlash Over Algorithm Changes on X
Elon Musk has sparked criticism after announcing a significant algorithm change for his social media platform, X. The proposed adjustment aims to prioritise “un-regretted user-seconds” by promoting certain types of content while downplaying others.
“Too much negativity is being pushed that technically grows user time, but not un-regretted user time,” Musk explained in a 3 January post. However, users have accused Musk of imposing censorship, arguing that the term “negativity” is subjective and questioning who would determine what qualifies as such.
This announcement follows a contentious online debate involving Musk and his supporters over immigrant visas, further fuelling the controversy surrounding his platform’s policies.
Suspected Insider Trading Nets $20 Million on Solana’s Focai Launch
At least 15 blockchain wallets suspected of insider trading have turned a $14,600 investment into over $20 million following the launch of the Focai.fun (“FOCAI”) memecoin on Solana’s (“SOL”) Pump.fun platform. These wallets collectively acquired over 60.5% of the token’s total supply, according to on-chain analytics firm Lookonchain.
The insiders reportedly sold their FOCAI holdings for 94,175 SOL (approximately $20.5 million), netting a return over 136,000 times their initial investment. This has sparked criticism from blockchain analysts, who highlight the risks posed to decentralisation by the concentration of such a large share of tokens in a few wallets.
FOCAI’s market capitalisation peaked at over $46 million in the early hours of 4 January but dropped nearly 14% to $39.6 million by late morning, according to data from Pump.fun.
Key Takeaways
Dogecoin’s impressive weekly rally, fuelled by whale accumulation, has reignited hopes for the memecoin to achieve the elusive $1 milestone by 2025. Meanwhile, Elon Musk’s algorithm changes for X have drawn criticism, sparking debates over censorship and content regulation. Lastly, the Focai insider trading incident underscores ongoing concerns about fairness and decentralisation in the crypto space.
