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Dogecoin Rockets 48% as Traders Target $1 Price Next
Much of the current rally has been fueled by bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration.
Updated Nov 12, 2024, 10:42 p.m. Published Nov 12, 2024, 6:22 a.m.
- The memecoin led gains among crypto majors, outperforming the other top 100 tokens.
- The jump led to crypto traders losing over $68 million on DOGE-tracked futures.
Dogecoin continued its strong rally for the fourth-straight day with a 48% price jump over the past 24 hours, reigniting murmurs of a $1 price target.
DOGE jumped above the 41 cents mark early Tuesday for the first time since May 2021, when it set a record high of just over 70 cents. It has returned over 150% to investors in the past week and nearly tripled over the past 30 days, data shows.
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DOGE-tracked futures saw over $68 million in cumulative losses. Those liquidations were the largest for the dog-themed token so far this year, with open interest nearing a lifetime record from April.
Much of the current rally has been fueled by bullish sentiment around the meme’s endorsement by technology entrepreneur Elon Musk in the Trump administration.
Musk has discussed creating a “Department of Government Efficiency,” abbreviated as D.O.G.E, to make government spending more efficient. That has fueled expectation among traders that there could be more chatter of “DOGE” in mainstream media and retail trading circles, fueling attention and interest in dogecoin, as a CoinDesk analysis first noted in mid-October.
Recent price action has led some crypto traders to mark $1 as a major price target for DOGE — one that has been long anticipated since 2021, when the token traded above 70 cents.
The $1 mark has a psychological appeal, spurring “doge to $1” memes in the past several years.
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Dogecoin Holds $0.14 Floor as Network Activity Hits 3-Month High
Rising active addresses and tightening volatility indicate an impending directional move, with $0.16 as a critical breakout threshold.
What to know:
- Dogecoin marked its 12th anniversary, but market reactions were muted, focusing instead on technical patterns and network activity.
- The token consolidated within a tight range, with active buying interest at the lower boundary and potential for a bullish breakout.
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