Dogecoin price is considered one of the biggest beneficiaries of the ongoing market rally with experts now calling a $1 top
Dogecoin (DOGE) rose over 48% over the past 24 hours, reigniting speculations of a $1 price target. Much of the current rally comes after Donald Trump won the recent US presidential election. The expectation that tech billionaire Elon Musk may join Trump’s administration adds to Dogecoin’s ongoing momentum.
DOGE’s Soaring Momentum
On the weekly price chart, DOGE increased by over 150%, setting its price at $0.413. This is the first time DOGE reached this level since May 2021, when it set a record high of just over 70 cents. The current surge in Dogecoin led crypto traders to lose over $68 million on DOGE-tracked futures. These were the largest liquidations for Dogecoin so far this year.
Meanwhile, Open Interest (OI) climbed close to a lifetime record from April. Usually, a soaring OI together with price spikes indicates more bullish momentum on the horizon. According to CoinMarketCap data, DOGE is currently trading as the 6th-largest digital asset by market capitalization, valued at $57.4 billion.
The 24-hour trading volume increased by 90.5% to $35.8 billion, indicating investors’ renewed interest. Dogecoin’s latest action has prompted market participants to forecast a $1 price target for the memecoin. Many anticipated that DOGE would reach $1 in 2021 when the token climbed above $0.70.
Elon Musk’s Influence on DOGE’s Price
Dogecoin’s recent price rally is largely influenced by optimism that Elon Musk could find a place in Trump’s new government. Previously, Musk had discussed establishing a “Department of Government Efficiency (D.O.G.E),” to improve the efficiency of government spending.
This has raised traders’ expectations about possible discussions about DOGE in the media and retail trading circles. They see this as an opportunity for DOGE to see increased user adoption, potentially leading to further price spikes.
Meanwhile, a “golden cross” emerged on the weekly chart, hinting at a strong outlook for the last quarter of the year. Some analysts have set realistic price targets of $2 to $4 for DOGE this cycle. Others have, however, forecasted a more bullish target of $30 by March 2025.
Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.
