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

Dogecoin Soars, Analysts Predict $1 Target Amid Elon Musk's Trump Administration Buzz

Dogecoin's (DOGE) price has experienced a remarkable 45% surge over the past 24 hours, continuing its impressive four-day rally. This has sparked speculation about a potential $1 price target for the memecoin in the near future.

The recent Dogecoin rally is attributed to the support of Elon Musk, who has expressed his intention to establish a "Department of Government Efficiency" (D.O.G.E) within the Trump administration. This announcement has generated anticipation among DOGE investors, who envision the memecoin's integration into mainstream financial circles.

Dogecoin's Historic Comeback

Dogecoin's price surpassed the $0.41 mark in early trading today, marking its first time above this level since May 2021. The memecoin's recent performance has resulted in a 150% return on investment for traders within the past week and a threefold increase over the past 30 days.

Bullish Outlook

Open Interest (OI) for Dogecoin has also climbed significantly, indicating an increasingly bullish sentiment. A surge in OI and a rise in price suggest a positive price outlook for the token. Despite losses in DOGE-tracked futures, the overall sentiment for Dogecoin remains optimistic.

Can DOGE Reach $1?

Dogecoin is currently the sixth-largest cryptocurrency by market capitalization, with its market cap increasing by $45.15 billion in just six weeks. Several analysts believe that a $1 price target is achievable for DOGE. While retracements may occur, the memecoin's active community provides support against unexpected selloffs.

The psychological appeal of the $1 mark has fueled optimism among traders and investors. A "golden cross" on the weekly chart further suggests a positive outlook for the fourth quarter of 2024.

Overall, the growth in Dogecoin's Open Interest, retail interest, and Elon Musk's influence indicate that the token may indeed reach the $1 milestone. Some analysts even project ambitious targets of $2 to $4, while others speculate that Dogecoin could hit $30 by March 2025.