30s Summary

Dogecoin (DOGE) recently spiked by 48%, exciting investors with notions of the meme cryptocurrency hitting the $1 mark. This surge pushed DOGE past 41 cents, the first time since May 2021. While Dogecoin has increased by 150% in the past week, a rise that has led to losses of over $68 million in DOGE-tracked futures. As the hype increases, investors are eager to see if this momentum, combined with a push from notable figures such as Elon Musk, can propel DOGE to the coveted $1 level.

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The infamous memecoin has seen some serious gains lately, overperforming many major cryptocurrencies out there. This sudden upswing caused investors to lose a cool $68 million on Dogecoin-tracked futures.

Look, Dogecoin has been on fire lately. Just in the past 24 hours, the coin – better known as DOGE – has surged by a wild 48%. This heated rally has reignited chatter about Dogecoin possibly hitting the $1 target.

Earlier this Tuesday, DOGE sailed past the 41 cents mark. This is a first since May 2021, when Dogecoin hit its all-time high of just over 70 cents. And not to brag, but any early investors who have stuck around have been rewarded handsomely – DOGE has increased by a pretty stunning 150% in the past week. In the last 30 days alone, it’s nearly tripled according to the data.

While that’s great news for investors, the situation isn’t all roses. The surge has led to losses of over $68 million on Dogecoin-tracked futures. This has been the biggest loss for DOGE this year. There’s also a pretty intense interest from day traders, almost reaching a record-setting level that was last seen in April.

A big part of all this excitement is thanks to everyone’s favorite billionaire, Elon Musk. The tech entrepreneur has thrown his support behind Dogecoin which added a quite a bit of fuel to this rally. Now Musk’s talking about creating a “Department of Government Efficiency,” which – if you feel like chuckling – would be abbreviated as D.O.G.E. Who knows, right?

This talk of D.O.G.E has understandably got traders excited with the thought that we could see more of “DOGE” in the media, and undoubtedly sparking more interest in Dogecoin.

Now, with prices hitting this new high, some die-hard Dogecoin traders are looking towards the $1 mark as a real possibility. This idea has been floating around since last year when Dogecoin first climbed past 70 cents. And of course, dreaming of Dogecoin hitting that $1 mark has undoubtedly fueled a creative wave of “doge to $1” memes online. Time will tell if the pull of the psychological $1 barrier, and the power of memes, will be enough to push DOGE to new highs.