Recently, the most dazzling star in the cryptocurrency market is undoubtedly Dogecoin (DOGE). In just one month, the price of Dogecoin surged by 235.6%, rising 26.2% on the daily chart and an astonishing 128.3% on the weekly chart. What secrets lie behind all this?
On November 12, meme coin KOL Murad posted on social media, stating, 'DOGE increased its market value by 30 billion dollars in one day. This further confirms the existence of the 'Meme Supercycle'. This means that the new cycle of memes will go crazy and perform even more prominently.'
Dogecoin (DOGE) has seen a strong increase for the fourth consecutive day, with a price increase of 54% in the past 24 hours, reigniting discussions around the 1 dollar target price.
DOGE broke through the 0.41 mark for the first time in early trading on Tuesday, marking the first surge since it hit slightly above 0.7 dollars in May 2021. Data shows that in the past week, this digital currency has brought investors over 150% returns, nearly doubling in the past 30 days. DOGE short-sellers have collectively lost over 68 million dollars. This is the largest liquidation of Doge-themed tokens this year, with open contracts approaching the historical high record from April.
Musk once discussed establishing a 'Department of Government Efficiency' (abbreviated as DOGE) to improve government spending efficiency, which led traders and media KOLs to collectively discuss 'DOGE', sparking public interest in Dogecoin. The recent price trend has prompted some cryptocurrency traders to mark 1 dollar as the key price target for DOGE—since the token's trading price exceeded 0.7 dollars in 2021, people have been anticipating this goal.
The price tag of 1 dollar has a psychological appeal; 1 dollar has become a consensus among cryptocurrency enthusiasts! It is just around the corner.
The comeback journey of Dogecoin
Once regarded as a 'joke coin', Dogecoin has now jumped to become the sixth largest cryptocurrency by market capitalization, with a valuation close to 61 billion dollars. All these changes are inseparable from the recent frantic market pursuit.
The driving force behind Trump's election
Trump's victory in the U.S. election is undoubtedly one of the important driving forces behind the rise in Dogecoin prices. With Trump's victory, the overall market sentiment was ignited, Bitcoin reached a historical high, and Dogecoin also surged.
Musk's 'Divine Assistance'
Speaking of Dogecoin, one cannot help but mention Elon Musk. The Tesla CEO is not only a fervent fan of Dogecoin but also a significant supporter of Trump. Every utterance he makes on social media can trigger drastic fluctuations in Dogecoin's price.
Is the 1 dollar mark within reach?
As the price of Dogecoin continues to rise, the market is beginning to speculate whether it will break the 1 dollar mark. Some analysts believe that if Trump continues to involve Musk in government affairs, Dogecoin is expected to reach 1 dollar this month.
Investors need to be cautious of risks
Although the rise of Dogecoin is encouraging, investors still need to be wary of risks. The cryptocurrency market is highly volatile, and stories of wealth soaring or shrinking overnight are common. Therefore, while enjoying the joy brought by the rise, one must also be prepared to cope with market fluctuations.
The rise of Dogecoin marks that the cryptocurrency market is becoming increasingly diverse and inclusive. In the future, as more people understand and accept cryptocurrencies, this market is expected to welcome broader development space.
According to HTX market information, DOGE broke through 0.4 dollars, currently quoted at 0.4188 dollars, with a 24-hour increase of over 45.52%. The current market capitalization is 60.3 billion dollars, ranking fifth in the cryptocurrency market cap (excluding stablecoins).
F2Pool co-founder Wang Chun (@satofishi) posted on platform X, stating that if the DOGE price rises to 1 dollar, he will purchase a Mars exploration mission and name it 'Marsrise'. This mission is scheduled to launch on January 19, 2029, which happens to be the last day of Trump's potential second term.
Previously, Wang Chun stated: "Dogecoin was born to fly. Did you know? Since its launch in 2013, we have mined 16.2 billion DOGE, accounting for 11% of the total existing Dogecoin supply."
The surge of Dogecoin is driven not only by Trump's election and Musk's 'divine assistance', but also by market sentiment. For investors, this is an era full of opportunities and challenges. Let's wait and see if Dogecoin can break the 1 dollar mark and create a new historical record!
