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Can Dogecoin reach 1 dollar?

As the US presidential election approaches, DOGE has become one of the most prominent cryptocurrencies in the market. The election is just a few hours away, and Musk once again mentioned DOGE in a recent podcast. In the past 24 hours, DOGE has risen by 14%, currently priced close to 0.17 dollars, significantly outperforming other cryptocurrencies.

As a meme coin known for its community-driven approach and high volatility, Dogecoin has attracted many speculators who are optimistic about Trump's victory and believe it could benefit the crypto market. Musk publicly supports Trump and introduced the concept of a "Department of Government Efficiency" (DOGE), which coincidentally has the same abbreviation as Dogecoin, garnering attention from speculators.

Since Trump's rally at Madison Square on October 27, Dogecoin's performance has consistently outpaced its memecoin competitors. Musk even stated at the rally that his "DOGE plan" could save American taxpayers two trillion dollars. Musk's explicit recommendation of Dogecoin over other memecoins further fueled traders to shift their funds towards DOGE. Today, Musk mentioned Dogecoin again on the Joe Rogan podcast, further accelerating its rise.

Despite the many reasons for the increase, the logic of the capital market is quite simple: any coin's rise is aimed at cashing out and making a profit. The sentiment around Dogecoin has reached a peak, and it is not far from exiting. Currently, DOGE has entered a previous high region, and those looking to enter should carefully assess the risks. It is expected that once the election is over, the market will shift into a bearish trend, so do not let emotions cloud your judgment. The probability of DOGE reaching 1 dollar is extremely low; at most, it may reach 0.2 dollars.

Recent observations: SOL, PEOPLE, DOGE