Dogecoin (DOGE) continues to skyrocket, rallying 48% in the past 24 hours, as speculation around a potential $1 price target gains fresh momentum.
Early on Tuesday, DOGE surged above 41 cents, marking its highest level since May 2021, when it briefly topped 70 cents. Over the past week, DOGE has posted gains of more than 150%, with its value nearly tripling over the last month, according to market data.
In the futures market, traders saw over $68 million in losses tied to DOGE positions, making it the largest liquidation event for the token this year, as open interest closes in on a record high set in April.
This rally has been largely driven by optimism stemming from Elon Musk’s support of Dogecoin. Recently, Musk proposed creating a “Department of Government Efficiency,” or D.O.G.E., aimed at making government operations leaner and more effective. This announcement has sparked further excitement among traders, who see potential for increased exposure of “DOGE” in both media and retail trading circles, as first highlighted in a CoinDesk report from October.
As DOGE’s momentum builds, some traders are again targeting the long-awaited $1 mark, a psychological milestone that became popular when DOGE surged past 70 cents in 2021.
The prospect of reaching $1 has sparked countless “doge to $1” memes over the years, with the token’s dedicated community rallying around this symbolic goal.
