Dogecoin rockets 48% as traders set sights on $1 price target
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Dogecoin (DOGE) surged 48% in a single day, hitting 41 cents and sparking hopes of reaching the $1 mark for the first time. The rally, which has given investors a 150% return in just a week, is driven by optimistic sentiment around Elon Musk’s support within the Trump administration. With Musk’s idea for a “Department of Government Efficiency” — acronymically “D.O.G.E.” — the meme token continues to attract attention, fueling one of the biggest rallies in the crypto market.
Dogecoin Gains Momentum as Traders Eye $1 Price Target
Dogecoin, the original meme cryptocurrency, extended its rally with a 48% surge over the past 24 hours, reaching its highest level in over three years. Trading above 41 cents early Tuesday, DOGE’s current price action reignites hopes among investors of hitting the elusive $1 mark, a goal widely anticipated since DOGE’s 2021 high of 70 cents. The recent surge adds to a remarkable 150% weekly return for DOGE holders and represents nearly a threefold increase over the past month.
Elon Musk’s Influence Fuels DOGE Optimism in New Political Climate
The rally has been significantly influenced by Elon Musk’s vocal support of the token. Since Musk's involvement in the Trump administration, rumors of a proposed “Department of Government Efficiency” (D.O.G.E.) have spurred heightened interest and speculation around DOGE. This humorous yet symbolic backing has led to mainstream media attention, amplifying DOGE’s appeal among retail traders and meme communities alike.
DOGE Futures See Record Liquidations Amid Strong Rally
Dogecoin’s volatile movement has resulted in over $68 million in liquidations in DOGE-tracked futures, marking the largest futures losses for the token this year. Open interest in DOGE futures is approaching all-time highs, further suggesting that trader enthusiasm is reaching levels not seen since the bull market of 2021.
The Road to $1: A Psychological Milestone for DOGE
The $1 mark holds a deep psychological appeal, representing a long-held dream within the Dogecoin community. In recent days, crypto enthusiasts have revived the “doge to $1” meme, with renewed optimism around Musk’s influence and heightened social media interest. While the path to $1 may face volatility, DOGE’s current momentum suggests that this milestone could finally be within reach.
Dogecoin Gains Momentum as Traders Eye $1 Price Target
Dogecoin, the original meme cryptocurrency, extended its rally with a 48% surge over the past 24 hours, reaching its highest level in over three years. Trading above 41 cents early Tuesday, DOGE’s current price action reignites hopes among investors of hitting the elusive $1 mark, a goal widely anticipated since DOGE’s 2021 high of 70 cents. The recent surge adds to a remarkable 150% weekly return for DOGE holders and represents nearly a threefold increase over the past month.
Elon Musk’s Influence Fuels DOGE Optimism in New Political Climate
The rally has been significantly influenced by Elon Musk’s vocal support of the token. Since Musk's involvement in the Trump administration, rumors of a proposed “Department of Government Efficiency” (D.O.G.E.) have spurred heightened interest and speculation around DOGE. This humorous yet symbolic backing has led to mainstream media attention, amplifying DOGE’s appeal among retail traders and meme communities alike.
DOGE Futures See Record Liquidations Amid Strong Rally
Dogecoin’s volatile movement has resulted in over $68 million in liquidations in DOGE-tracked futures, marking the largest futures losses for the token this year. Open interest in DOGE futures is approaching all-time highs, further suggesting that trader enthusiasm is reaching levels not seen since the bull market of 2021.
The Road to $1: A Psychological Milestone for DOGE
The $1 mark holds a deep psychological appeal, representing a long-held dream within the Dogecoin community. In recent days, crypto enthusiasts have revived the “doge to $1” meme, with renewed optimism around Musk’s influence and heightened social media interest. While the path to $1 may face volatility, DOGE’s current momentum suggests that this milestone could finally be within reach.