Dogecoin has surged 21% over the past week, trading at $0.38, significantly outperforming other memecoins like Shiba Inu and Pepe. The upward trend follows notable whale activity, with over 1.08 billion DOGE purchased for $413 million on January 3, alongside a substantial transfer of nearly 400 million DOGE to a private wallet, indicating reduced selling pressure. Historically, January has been DOGE's best month, averaging an 85% return, with significant past gains. Alex Thorn from Galaxy Digital predicts DOGE could reach $1, boosting its market cap to $100 billion. Notably, this market momentum coincides with U.S. President-elect Donald Trump unveiling the Department of Government Efficiency (DOGE), with figures like Elon Musk involved. Additionally, open interest in DOGE has risen by over 50%, underscoring increased investor participation. Spirit Blockchain Capital has also announced plans to leverage their DOGE holdings through yield generation, reflecting a strategic approach in the decentralized finance space.

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