Dogecoin (DOGE) has just recorded one of the most impressive price increases in November, hitting a three-year high of $0.43. The meme coin’s growth momentum comes not only from an industry-wide rally led by Donald Trump, but also from an unofficial association with Elon Musk, who was recently appointed to co-head the Trump administration’s new agency, D.O.G.E. (Department of Government Administration).
164% Growth in One Month: Is DOGE About to Exceed $1?
Dogecoin has increased by 164.4% in the past 30 days, leading analysts to set higher expectations.
A well-known analyst on social media X, named Skew, believes that Dogecoin could reach the $1 target thanks to technical strength and the strong growth momentum of the market.
According to Skew, Dogecoin has surpassed a critical resistance level at $0.32, creating an opportunity to maintain a price range between $0.32 - $0.40.
If the price remains stable above $0.40, a new parabolic growth could drive DOGE to further targets, with the Fibonacci extension level of 1.618 set at $1.16.
Market Support: Musk and the Trump Administration as a Launchpad?
DOGE is currently the seventh largest cryptocurrency by market capitalization, following Ripple’s XRP, and continues to attract attention due to Musk's involvement in the Trump administration.
Investors expect Musk's role to drive more initiatives related to cryptocurrency, especially Dogecoin.
Additionally, Spirit Blockchain Capital in Canada has just announced its intention to accumulate Dogecoin in the same manner that MicroStrategy did with Bitcoin.
The company is also committed to developing products supporting the meme coin, reflecting optimism about DOGE's long-term potential.
Can Dogecoin Reach $1?
Currently, the price of DOGE is trading at $0.3739, up 14.7% in the past week.
Although still far from the all-time high of $0.73 (May 2021), the recent growth indicates that Dogecoin still has strong appeal.
Whether DOGE can truly reach the $1 target will depend on market stability, community strength, and especially potential support from Elon Musk and the Trump administration.