Here’s what happened in crypto today
Today in crypto, analysts have predicted Dogecoin could reach $1 in 2025 as the oldest memecoin jumped 21% in the past week, Elon Musk faces backlash for announcing a change to the X social media algorithm, and at least 15 blockchain wallets suspected of insider trading have turned an initial $14,600 investment into over $20 million.Dogecoin jumps 21% as whales accumulate, Galaxy predicts $1 DOGEDogecoin has jumped 21% over the past week, outperforming major memecoins like Shiba Inu, Pepe and Bonk.At the time of publication, DOGE traded at $0.38. Shiba Inu , Pepe and Bonk (BONK) were up 7%, 10% and 14%, respectively.The rally follows renewed interest from whales. On Jan. 3, over 1.08 billion DOGE, valued at $413 million, was purchased by whales.The same day, a 399.9 million DOGE transfer — worth approximately $144.9 million — was moved from Binance to an unknown wallet, according to the blockchain analytics platform Blockchair. This type of transaction is often considered bullish, suggesting reduced selling pressure as coins are transferred to private wallets. Alex Thorn, head of research at Galaxy Digital, forecasts DOGE could surge by 170%, reaching $1 for the first time and pushing its market capitalization to $100 billion.“Dogecoin will finally hit $1, with the world’s largest and oldest memecoin touching a $100bn market cap,” he wrote as part of Galaxy’s 2025 crypto predictions on Jan. 2. Musk faces backlash for announcing X algorithm changeElon Musk is facing backlash after announcing that X would change the social media algorithm on the site to promote certain types of content over others."Our goal is to maximize un-regretted user-seconds. Too much negativity is being pushed that technically grows user time, but not un-regretted user time," the entrepreneur wrote in a Jan. 3 post.Users on the platform characterized the algorithm change as a form of censorship, arguing that the term 'negativity' was too subjective and asked Musk who would determine what content qualified as negative.The announced change to the social media algorithm followed a recent online feud between Musk and his supporters over immigrant visas. Suspected insider wallets net $20 million on Solana’s Focai memecoin launchAt least 15 insider wallets made over $20 million in profit on the Focai.fun (FOCAI), a memecoin recently launched on Solana’s memecoin launchpad Pump.fun.The suspected insiders have made an over 136,000-fold return on their initial $14,600 investment, which bought them over 60.5% of the total token supply, according to onchain analytics firm Lookonchain. “They then sold all their $Focai for 94,175 $SOL($20.5M), netting 94,108 $SOL($20.48M).”The concentration of such a large share of tokens in a small number of wallets has drawn criticism from blockchain analysts. The situation highlights potential risks to decentralization, which is a key principle in cryptocurrency.The FOCAI token peaked at over $46 million in market capitalization at 4:45 am UTC. The token’s market capitalization fell nearly 14% to $39.6 million as of 11:55 am UTC, Pump.fun data shows.