Doge appears to be making a comeback in 2025, currently trading at $0.20with a total market cap of $29.91B. This comes after a wild ride in 2024 that saw DOGE gain 196% in just a few weeks before giving up most of those gains as the view toward the market shifted and sellers came in.
Even with the drastic pullback, interest in the coin seems to have returned to a bullish sentiment in 2025 with new developments and familiar faces back in the spotlight.
Elon Musk and the Social Media Effect
One of the major reasons for the renewed interest in the market is Elon Musk. Lately, there have been news of him leaving the advisory role in the White House and growing public feud with Donald Trump. Analyst Maksim Balashhevich noted, “Now that Elon Musk is no longer working for the White House, he has time for more pro-Dogecoin antics.”
Moreover, Musk’s past tweets have historically triggered a massive swing for not just doge, but many other crypto in the market , and traders believe a return to his “old crypto playbook” could spark another rally.
Balashhevich suggests keeping an eye on DOGE’s social volume, stating, “If discussions around the coin remain low for a few more days, it could create the perfect setup for a pump should Musk decide to post about it.”
Social Sentiment and Whale Activity
Rounding out the optimism is a change in leverage metrics. According to coinglass, long positions in DOGE now total $22.64 million, surpassing $18.85 million in short leverage. With most of the trading activity in between $0.1876 and $0.1984.
Still, not everything is smooth sailing. A whale recently moved 155 million DOGE to Robinhood, sparking concerns about a potential sell-off. While the transaction is not yet confirmed as a sale, it has already sparked anxiety among traders concerned it might be an early sign of profit-taking.
Despite that, exchange data shows optimism. Data revealed that over the past 24 hours, exchanges recorded an outflow of $6.32 million worth of DOGE memecoins.
Technical Setup and Price Outlook
Looking at the daily time frame, the Doge market has had a major selloff since last year creating a long descending trendline.
However, the price tapped into a resistance turned support level of $0.12 that has shifted the market upward towards the trendline, creating a symmetrical triangle pattern.
But it seems to have been slowed down by a resistance level at 0.25 that market has bounced of twice pushing the price lower
If the market breaks above the immediate resistance level, we can expect a rally towards $0.28 sitting just above the trendline or further towards $0.4. However if it fails to break, the price might just sell even lower
Using momentum indicators, price has broken into the 200 EMA line but hasn’t broken the 50 EMA, which suggests that the market is at a neutral level.
Meanwhile, the Relative Strength Index (RSI), having recently dipped below the 30 mark, typically seen as an oversold territory has managed to climb back to 51.52 mark, which signals that the buyers might be returning. However, since it hasn’t crossed above 70, there’s still caution among bulls, with no confirmation of a full breakout yet.
If DOGE manages to break above the 50 EMA and RSI pushes higher toward 60 or 70, that could build the momentum needed for a bigger move. But until then, the charts suggest more sideways action in the short term.
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