Dogecoin Rallies 48%, Bringing $1 Price Target Back into Focus
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The Impact of Musk's Endorsement
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.
Record Liquidations Amid Rising Open Interest
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.
Aiming for the Long-Anticipated $1 Mark
With Dogecoin's recent surge, the community’s long-standing $1 price target is back in the spotlight. First projected in 2021, when DOGE 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.