Dogecoin (DOGE) continues its strong upward trend for four consecutive days with a price increase of nearly 50% in the past 24 hours, sparking hopes of reaching the price target of 1 USD.
Today, DOGE has surpassed the 0.41 USD mark for the first time since May 2021, when it reached a record high of over 0.70 USD. In the past week, DOGE has delivered over 150% profit to investors and has nearly tripled in value over the past 30 days, according to data.
Futures contracts linked to DOGE have recorded cumulative losses of over 68 million USD. This is the largest liquidation this year for this token, with open interest nearly reaching record levels since April. Most of the liquidations are from short positions, those who anticipated a drop in DOGE's price.
The current upward momentum is largely driven by the optimistic sentiment surrounding the support of tech entrepreneur Elon Musk in the Trump administration. Musk has discussed establishing a "Department of Government Efficiency," abbreviated as D.O.G.E, aimed at enhancing government spending efficiency.
The recent price movements have led some cryptocurrency traders to set a price target of 1 USD for DOGE — a target that has been anticipated since 2021 when this token traded above 0.70 USD.
The 1 USD level has significant psychological appeal, igniting meme trends such as "doge to $1" over the years.