Dogecoin (DOGE) is on a tear, surging 45% in the past 24 hours and marking its fourth consecutive day of strong gains. This rally has ignited speculation about a potential price target of $1.
Historic Comeback
DOGE has broken above the $0.41 mark for the first time since May 2021. The memecoin has seen a remarkable 150% increase in value over the past week and a threefold increase in the past month. Open Interest (OI) has also surged close to an all-time high, suggesting a bullish outlook.
Musk’s Influence
The current rally is largely attributed to optimism surrounding Elon Musk’s potential involvement in the Trump administration. Musk’s vision of a “Department of Government Efficiency” (D.O.G.E.) has fueled anticipation of Dogecoin’s integration into mainstream finance. Musk’s history of influencing DOGE’s price, through promotions on X, has further solidified this connection.
Can DOGE Reach $1?
Dogecoin’s market capitalization has surged to the sixth-largest in the crypto market, surpassing USDC and XRP. With a year-to-date increase of over 396%, many traders are eyeing a $1 price target. The “golden cross” on the weekly chart further strengthens the bullish outlook for the fourth quarter of 2024.
While some analysts predict a more conservative $1 target, others are more optimistic, suggesting potential price targets of $2 to $4 or even $30 by March 2025. Dogecoin’s strong community support and Musk’s influence could propel the memecoin to new heights.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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