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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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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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