Dogecoin’s (DOGE) latest rally, largely fueled by enthusiasm linked to Elon Musk’s support, continued its upward momentum, surging 48% over the past 24 hours and reigniting chatter around a $1 price goal.
Early Tuesday saw DOGE crossing the 41-cent threshold for the first time since May 2021, when it reached a record high above 70 cents. Over the past week, DOGE has provided over 150% returns to investors and has nearly tripled in value over the last month.
Meanwhile, DOGE-related futures experienced over $68 million in cumulative losses, with liquidations reaching their highest level this year as open interest approaches an all-time high set in April.
Investor optimism appears to be tied to Musk’s promotion of the token. Recently, Musk has hinted at establishing a “Department of Government Efficiency” — abbreviated as D.O.G.E — which would focus on making government operations more effective. This has fueled speculation that “DOGE” could receive more attention in mainstream media, sparking greater interest from retail traders, as initially highlighted by CoinDesk in October.
This recent rally has driven some crypto enthusiasts to revisit the highly anticipated $1 target for DOGE, a milestone first envisioned when the token surpassed 70 cents in 2021.
The $1 mark has become symbolic for traders, inspiring “doge to $1” memes and marking a psychological benchmark for Dogecoin supporters in recent years.
