After the explosive rise of Dogecoin, will it break through $1 again?

Recently, the market for Dogecoin has heated up again, with prices soaring to $0.43995, sparking market expectations of a return to $1. Many speculate that this surge is mainly due to Musk's influence and his long-term support for Dogecoin, reigniting market sentiment.

Dogecoin's performance in recent days

In the past 4 days, DOGE has seen consecutive significant gains, rising by as much as 54% within 24 hours, reaching $0.43. This is the first major rebound since the peak in May 2021 (around $0.74).

Over the past week, Dogecoin's investment return rate has exceeded 150%, nearly doubling in 30 days. This surge has reignited many investors' hopes for $1.

Data shows that short sellers of DOGE have already lost over $68 million, with open contracts approaching the historical high from April.

Why is everyone looking forward to $1?

For DOGE, $1 is not just a number, but a market consensus and psychological target. Many investors believe that as long as the current momentum is maintained, coupled with Musk's “assist”, $1 is certainly within reach. Especially since Musk recently mentioned the “Department of Government Efficiency” (abbreviated as DOGE), which has further ignited market enthusiasm for Dogecoin.

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