Dogecoin (DOGE) continues its rapid rise for the fourth day, taking its price above $0.41 with a 48% increase in the last 24 hours.
Dogecoin Up 48%, Investors Raise $1 Target with Trump Administration, Musk’s Support
This rapid rise has reignited expectations for Dogecoin to reach the $1 level. According to the latest data, Dogecoin has tripled in value in the last 30 days, with a 150% return in the past week.
Much of this rally is attributed to the support Dogecoin has gained under the Trump administration, led by Elon Musk. Musk’s idea of establishing a “Department of Government Efficiency” (D.O.G.E.) has created excitement in the trading world, fueling optimism that Dogecoin could strengthen its ties with the government and spark broader interest in the digital asset.
The futures market is also buoyant. Dogecoin futures are approaching all-time highs in open interest, with a liquidation of $68 million taking place.
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 is just above the $0.70 level broken in May 2021. If the current momentum continues, analysts say Dogecoin’s chances of hitting the $1 psychological barrier are closer than ever, and Dogecoin could see new interest as one of the most popular meme tokens.