Dogecoin Leads Gains Among Major Cryptocurrencies
Dogecoin (DOGE) has outperformed other top 100 cryptocurrencies with a significant 48% increase in the last 24 hours. This sharp price jump led to DOGE-tracked futures liquidations totaling over $68 million.
DOGE Aims for the $1 Mark
Dogecoin has maintained its upward momentum for the fourth consecutive day, reaching over 41 cents for the first time since May 2021. Over the past week, it has gained more than 150%, and its value has nearly tripled over the last 30 days.
Significant Liquidations and Record Interest in DOGE Futures
Dogecoin futures saw losses of over $68 million, marking the largest liquidation for this meme-themed token in 2024. Interest in trading DOGE futures is at an all-time high since April of this year.
Elon Musk's Support as a Driving Force
The recent price surge was fueled by positive sentiment surrounding Elon Musk, who in Trump’s administration proposed creating a “Department of Government Efficiency” (DOGE) aimed at improving government spending efficiency. This plan attracted traders’ attention, increasing interest in Dogecoin.
$1 Price Target for DOGE
The recent rally has reignited hopes that Dogecoin will reach the $1 mark. This goal, seen as a major milestone by traders, was expected in 2021 when DOGE’s price surpassed 70 cents.
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