The price of the world’s largest meme coin, Dogecoin (DOGE), has risen over 5% in the past week to $0.081, escaping the tight trading range it had been trapped in since January 23.
With Dogecoin’s momentum seemingly ramping up, some investors are now debating whether the coin could reach the $1 milestone in February or if the recent bullish surge is temporary.
Whale Accumulation Points to Renewed Interest in DOGE
Dogecoin’s rally comes as the overall crypto market sees gains, with Bitcoin (BTC) pushing above $50,000.
The Crypto Fear & Greed Index, a widely used proxy for investor sentiment, has also entered the “Extreme Greed” zone.
Although DOGE is still below December’s 52-week high, the coin’s recent price pump has revived talk of the coin hitting the psychological $1 level in the near future.
Two large transactions made by crypto whales this week are fueling this speculation further.
Earlier today, a whale wallet sent over 150 million DOGE from the Robinhood exchange to another unknown wallet.
This transfer was worth $12.2 million at the time.
Less than one hour later, another 100 million DOGE was sent from the Robinhood exchange to the same wallet, with this transfer worth $8.2 million.
These significant movements indicate that big players are accumulating DOGE in anticipation of further gains.
Dogecoin Traders Eye Potential Return to $1 This Month
With Dogecoin making moves and whale activity pointing to renewed interest in the coin, the big question is whether DOGE can hit the $1 level this month for the first time ever.
For Dogecoin to hit $1, its market cap would need to reach over $143 billion based on the current circulating supply of DOGE.
While a tall order, it’s not out of the question given supportive market conditions and past price history.
Additionally, the recent performance of meme coins like Bonk (BONK) shows that parabolic price increases are still possible.
However, DOGE’s price action is still choppy on the higher timeframes, so the path to that level may not be easy.
The coin will likely need some form of stimulus to boost retail investor demand, such as another high-profile tweet from Elon Musk or announcements of major real-world merchant adoption.
Overall, while $1 may not be within reach for DOGE this month, there could still be scope for a strong bull run back to December’s high.
Which Other Meme Coins Could Rise in February?
Dogecoin isn’t the only meme coin that could be in line for further growth this month if the bullish momentum continues.
One lesser-known meme token gaining steam is Sponge V2 (SPONGEV2), which some analysts predict could produce exponential returns thanks to its enthusiastic online community.
Sponge V2 Price Surges on Polygon Migration & Upcoming P2E Game
As its name implies, Sponge V2 is a meme coin based on the beloved SpongeBob SquarePants cartoon character.
The project migrated from Ethereum to Polygon last week, sparking a surge in interest and trading activity.
At the time of writing, over $9.1 million worth of the original Sponge (SPONGE) token has been staked in the ecosystem – with stakers receiving yield in the form of SPONGEV2.
Staking yields on Polygon are set at a whopping 1,383% per year, although they will decrease as more tokens are pledged.
This impressive response indicates strong community support and demand for the upgraded V2 token.
Since launching on Polygon last week, SPONGEV2’s value has increased by 93%, with more than 50,000 people holding the token.
The token’s price rise has been fueled further by the growing buzz around the project’s upcoming play-to-earn (P2E) game, which aims to provide real value to SPONGEV2.
This P2E game will launch later this year and allow gamers to race well-known cartoon characters and earn more SPONGEV2 tokens.
Connor Kenny, a YouTuber with more than 179,000 subscribers, believes this P2E integration could help SPONGEV2 “explode” in value over the coming months.
All in all, despite still being in the early stages of its life cycle, Sponge V2 demonstrates the power of combining memes with real-world user cases.
