Dogecoin (DOGE) Rockets 48%: Traders Eye $1 Price Target as Elon Musk Endorses Rally

• Dogecoin price has retained a massive uptick as the broader market cycle deepens.
• Different analysts have projected a $1 target for the memecoin in the near future.

Dogecoin’s (DOGE) price has increased 45% in the last 24 hours, marking the fourth consecutive day of a strong rally. Dogecoin’s latest performance has sparked speculations about a price target of $1. The ongoing Dogecoin rally is linked to support from Elon Musk in the Donald Trump administration.

Dogecoin Makes Historic Comeback

DOGE climbed above the $0.41 mark in today’s early trading session. This is the first time the memecoin has traded above this level since May 2021. At the time, DOGE reached a record high of just over $0.7. Our data show that DOGE returned over 150% of its gain to investors in the last week and roughly tripled in the last 30 days.

Open Interest (OI) also climbed close to a lifetime high from April. According to CoinGlass data, Dogecoin OI increased by 27.3% in the last 24 hours. A surge in OI and a price rise suggest a more bullish price outlook. Meanwhile, DOGE-tracked futures amassed over $68 million in cumulative losses, the largest for the dog-themed token so far this year.

The current Dogecoin rally is largely fueled by optimism over Elon Musk’s potential involvement in the Trump administration. Musk has consistently mentioned creating a “Department of Government Efficiency,” or D.O.G.E, for efficient government spending. This discussion has ignited anticipation among DOGE investors of integrating memecoin into mainstream media and retail trading circles. 

Notably, Musk has a long history of influencing the price of Dogecoin. The memecoin has frequently received promotions on X, resulting in a mix of legal challenges and strong community backing. As CNF reported, one DOGE enthusiast recently commented that users should have the option to pay with DOGE if X were to sell merchandise.

Can DOGE Surge to $1

DOGE is trading as the 6th-biggest cryptocurrency by market capitalization, eclipsing USDC and XRP. Dogecoin’s market cap increased by $45.15 billion in just one and a half months. 

As of this writing, DOGE is trading at $0.3878, increasing by over 396% within the past year. The recent price momentum has prompted several crypto traders to set a $1 price target for DOGE. While retracement is possible along the way, the coin has a thriving community to help it bolster any unexpected selloff.

Many anticipated that the memecoin would climb to $1 in 2021 when it traded above 70 cents. The $1 mark has a psychological appeal, igniting an optimistic outlook among traders and investors. 

Moreover, a “golden cross” on the weekly chart indicates a positive outlook for the fourth quarter of 2024. Overall, the surge in Dogecoin’s Open Interest, retail interest, and Musk’s influence hints that DOGE could easily reach the $1 mark. Some analysts even believe $2 to $4 targets are achievable this cycle, while others predict Dogecoin will reach $30 by March 2025.