Dogecoin (DOGE) has sustained its upward momentum, climbing 48% in the past day and reigniting hopes among traders of reaching the elusive $1 mark.
DOGE crossed above 41 cents early Tuesday, its highest level since May 2021, when it set an all-time high above 70 cents. Recent data shows the token has gained over 150% in the past week and nearly tripled in value over the last 30 days.
In the futures market, DOGE-tracked contracts experienced more than $68 million in liquidations, marking the largest losses tied to the token this year, as open interest approaches a record set in April.
The latest surge in DOGE has been driven by investor enthusiasm around Elon Musk, who has openly supported the meme-based token. Recently, Musk hinted at a proposal for a “Department of Government Efficiency” (D.O.G.E.), aimed at streamlining government spending. This announcement has fueled anticipation among traders that “DOGE” could gain more visibility in the media and attract retail investor attention, as highlighted in a CoinDesk analysis in October.
This price action has led some crypto traders to refocus on the $1 milestone, a target that has been eagerly awaited since DOGE’s rise to 70 cents in 2021.
The psychological impact of reaching $1 has inspired numerous “doge to $1” memes, adding to the excitement and community support around Dogecoin’s latest rally.
