Dogecoin Surge Continues, Investors Eye $1 Target Amid Musk's Support

Dogecoin (DOGE) has soared for the fourth consecutive day, surging 48% over the past 24 hours to a price above $0.41. This rally has rekindled hopes that the meme coin could reach the coveted $1 mark.

Dogecoin's value has tripled in the past 30 days, with the latest surge giving investors a 150% return in the past week. This surge is largely attributed to the bullish support from tech entrepreneur Elon Musk, who has expressed enthusiasm for the coin under the Trump administration.

Musk's discussions about creating a "Department of Government Efficiency" (DOGE) have sparked optimism among investors that government attention could indirectly promote Dogecoin and generate broader interest.

The futures market is also experiencing activity, with cumulative liquidations of $68 million for DOGE futures as open interest approaches record highs.

Investors and analysts have identified $1 as a psychological target for Dogecoin, with new memes and speculations further driving excitement among retail investors and traders. Dogecoin's previous all-time high was $0.70, set in May 2021. If the current momentum continues, analysts believe the $1 milestone could be within reach, generating renewed interest in one of crypto's most popular meme tokens.

Disclaimer: This information is for educational purposes only and does not constitute investment advice.