Dogecoin (DOGE) is on a remarkable rally, climbing 48% in the past 24 hours and crossing the 41-cent mark for the first time since May 2021. The popular meme cryptocurrency has surged over 150% in the past week and nearly tripled in value over the last 30 days, according to recent data.
<h2>The Impact of Musk's Endorsement</h2>
[embed]https://twitter.com/theunipcs/status/1856206467428487645[/embed]

Dogecoin's latest spike is attributed largely to positive sentiment surrounding endorsements from technology entrepreneur Elon Musk. Under the current administration, Musk has floated the idea of a “Department of Government Efficiency,” or D.O.G.E, aimed at enhancing government spending efficiency. This lighthearted concept has led many to speculate that further mentions of “DOGE” in mainstream media could draw more interest from retail traders.
<h3>Record Liquidations Amid Rising Open Interest</h3>
DOGE-tracked futures saw more than $68 million in cumulative losses from liquidations as open interest neared record highs last reached in April. These liquidations signal heightened volatility, as traders continue to place significant bets on the meme coin’s future performance.
<h2>Aiming for the Long-Anticipated $1 Mark</h2>
With Dogecoin's recent surge, the community’s long-standing $1 price target is back in the spotlight. First projected in 2021, when <a href="https://www.cryptoknowmics.com/news/dogecoin-eyes-new-bull-run-amid-high-correlation-with-bitcoin/" target="_blank" rel="noopener">DOGE</a> briefly hit an all-time high of over 70 cents, this target carries strong psychological appeal for investors, sparking renewed “doge to $1” memes across social media. As DOGE gains further momentum, many are optimistic that the $1 milestone could be achievable if bullish trends continue.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Dogecoin Rallies 48%, Bringing $1 Price Target Back into Focus

Dogecoin jumps 48% as Musk’s support fuels optimism. Investors eye $1 target amid rising DOGE interest and retail trading buzz.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Dogecoin Rallies 48%, Bringing $1 Price Target Back into Focus

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