Dogecoin (DOGE) continued its meteoric rise for the fourth consecutive day, recording a 48% increase in price over the past 24 hours to rise above $0.41.
Dogecoin Up 48%, Investors Set $1 Price Target Amid Musk Support in Trump Administration
This surge has reignited long-standing desires for the memecoin to reach the $1 level. According to the latest data, Dogecoin has tripled in value in the last 30 days, while the latest surge has given investors a 150% return in the past week.
Much of this rally is attributed to bullish sentiment fueled by tech entrepreneur Elon Musk, whose close relationship with the meme coin has intensified under the Trump administration.
Musk’s recent discussions of establishing a “Department of Government Efficiency” (DOGE) have fascinated traders, giving them optimism that this government focus could indirectly promote Dogecoin and spark broader interest in the digital asset.
The futures market was also active, with futures tracked by DOGE facing cumulative liquidations of $68 million as open interest neared an all-time high.
As investors and analysts point to $1 as a psychological target for Dogecoin, new “doge to $1” memes and speculations are further exciting retail investors and traders.
Dogecoin’s all-time high sits just above the record $0.70 set in May 2021. If the current momentum continues, analysts suggest the elusive $1 milestone could be closer than ever, sparking new interest in one of crypto’s most popular meme tokens.
*This is not investment advice.