- Dogecoin price has maintained a massive rise as the broader market cycle deepens.
- Different analysts predict a target of $1 for memecoin in the near future.
Dogecoin (DOGE) price rose 45% in the last 24 hours, marking the fourth consecutive day of a sharp rise. Dogecoin’s latest performance has sparked speculation of a $1 price target. The ongoing Dogecoin rally is linked to Elon Musk’s support in the Donald Trump administration.
Dogecoin makes a historic comeback
DOGE climbed above the $0.41 mark early in today’s trading session. This is the first time memecoin has traded above this level since May 2021. At the time, DOGE reached an all-time high of just over $0.7. OUR data show that DOGE has returned more than 150% of its gains to investors over the past week and has roughly tripled over the past 30 days.
Open Interest (OI) also climbed near an all-time high starting in April. According to CoinGlass data, Dogecoin OI increased by 27.3% in the last 24 hours. An increase in OI and rising prices suggest a more bullish price outlook. Meanwhile, futures contracts tracked by DOGE have racked up more than $68 million in cumulative losses, the largest for the dog-themed token so far this year.
Dogecoin’s current rally is largely fueled by optimism over Elon Musk’s potential involvement in the Trump administration. Musk always mentioned create a “Department of Government Effectiveness” or DOGE, for efficient public spending. This discussion has raised anticipation among DOGE investors for memecoin’s mainstreaming into mainstream media and retail circles.
Notably, Musk has a long history of influencing the price of Dogecoin. The memecoin has been frequently promoted on X, leading to a mix of legal challenges and strong community support. Like the CNF reporteda DOGE enthusiast recently said that users should have the option to pay with DOGE if X sells merchandise.
Can DOGE reach $1
DOGE trades as the 6th largest cryptocurrency by market capitalization, eclipsing USDC and XRP. Dogecoin’s market capitalization increased by $45.15 billion in just a month and a half.
As of this writing, DOGE is trading at $0.3878increasing by more than 396% over the past year. The recent price momentum has prompted several crypto traders to set a $1 price target for DOGE. While a retracement is possible along the way, the coin has a thriving community to help support any unexpected sell-offs.
Many expected memecoin to climb to $1 in 2021 when it trades above 70 cents. The $1 mark has psychological appeal, sparking an optimistic outlook among traders and investors.
Additionally, a “golden cross” on the weekly chart indicates a positive outlook for Q4 2024. Overall, Dogecoin’s rising open interest, retail interest, and Musk’s influence suggest that DOGE could easily reach the $1 mark. Some analysts even believe the $2-$4 targets are achievable this cycle, while others predict Dogecoin will hit $30 by March 2025.