Dogecoin Bulls: DOGE Liquidations Hit $68M as Price Jumps 52%, Reigniting $1 Hopes
With a 52.16% price increase over the last day, Dogecoin (DOGE) maintained its strong surge for the fourth day in a row, rekindling speculation about a $1 price objective. For the first time since May 2021, when it reached a record high of just over 70 cents, DOGE surged beyond the 41-cent threshold early Tuesday. According to research, it has nearly tripled in the last 30 days and returned more than 157.71% to investors in the last week.
The combined losses on DOGE-tracked futures exceeded $68 million. With open interest approaching a record set in April, those liquidations were the biggest for dog-themed coins this year. Bullish emotion over memes’ endorsement by tech entrepreneur Elon Musk during the Trump administration has contributed significantly to the recent increase.
Musk’s D.O.G.E. Proposal Fuels Dogecoin Hype, Traders Eye $1 Target
Musk has proposed a “Department of Government Efficiency” (D.O.G.E.) to improve the efficiency of government spending. As CoinDesk research originally reported in mid-October, this has increased traders’ expectations that there may be more discussion about DOGE in the media and in retail trading circles, which will increase interest in Dogecoin.
According to the recent price movement, a significant price objective for DOGE, which has been expected since 2021, when the token went above 70 cents, is $1. In recent years, “doge to $1” memes have been popularized due to the psychological attractiveness of the $1 threshold.
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