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 $1 price target.
Today, DOGE has crossed the $0.41 mark for the first time since May 2021, when it reached an all-time high of over $0.70. Over the past week, DOGE has provided over 150% returns for investors and has nearly tripled in value over the last 30 days, data shows.
Futures contracts linked to DOGE have recorded cumulative losses of over $68 million. This is the largest liquidation this year for this token, with open interest nearing record levels since April. Most of the liquidations are of short positions, betting that DOGE will decrease in price.
Much of the current surge is driven by the optimistic sentiment surrounding the support of tech entrepreneur Elon Musk during the Trump administration. Musk has discussed establishing a 'Department of Government Efficiency', abbreviated as D.O.G.E, to enhance government spending efficiency.
This has fueled expectations among traders that there will be more attention to DOGE in mainstream media and retail trading circles, as analysis from Bitcoin Magazine indicated in mid-October.
The recent price movement has led some cryptocurrency traders to set a price target of $1 for DOGE — a target that has been anticipated since 2021 when the token was trading above $0.70.
The $1 level has significant psychological appeal, sparking the 'doge to $1' memes over the past years.
Source: https://tapchibitcoin.io/dogecoin-doge-tang-vot-gan-50-khi-cac-trader-nham-den-muc-tieu-gia-1-usd.html
