Dogecoin Price Soars 48% with $1 Price in Sight

How has the Dogecoin Price Moved Recently?

Dogecoin’s circulating supply stands at 146.25 billion DOGE, with a yearly supply inflation rate of 3.14%, resulting in an additional 4.46 billion DOGE created over the past year.

Why Dogecoin Price is UP?

Dogecoin’s recent surge can be attributed to a combination of strong market momentum, high investor interest, and renewed public attention. Over the past 24 hours alone, DOGE has jumped 48%, continuing a four-day rally that has seen the token rise above $0.41, a level not reached since May 2021. In the past week, DOGE has provided returns of over 150%, nearly tripling its value in the last month. 

This impressive performance has reignited discussions around a potential $1 target for DOGE, a goal that has remained in sight since its record high of just over $0.70 in 2021.

A significant portion of this rally has been driven by liquidations in DOGE-tracked futures, which saw $68 million in cumulative losses. These liquidations are the highest recorded this year, leading to increased buying pressure and amplified gains as short positions were forced to close. 

Looking forward, traders and investors are eyeing $1 as a major psychological target. For DOGE price to reach this milestone, it would require continued market support, sustained bullish sentiment, and potentially further endorsement in public and media channels. 

Dogecoin Price Prediction How high can the DOGE Price Go?

The last 30 days have seen 19 green days (63%), suggesting consistent buying pressure and solid market support. Additionally, DOGE is trading near its cycle high, reflecting high liquidity relative to its market cap. This liquidity can enable rapid price movements but also brings heightened volatility.

Looking at DOGE price potential for further growth, its overbought status might suggest that a correction could occur soon. When assets become overbought, they often face resistance due to profit-taking, which could temper DOGE's ascent in the short term. 

The yearly inflation rate of 3.14%, or 4.46 billion newly created DOGE, adds a layer of supply pressure, which may challenge price appreciation if demand does not keep pace. However, strong interest from retail investors and influential endorsements from figures like Elon Musk could continue to drive demand, counterbalancing this inflationary effect.

Reaching or surpassing $1, however, would likely require sustained retail and institutional interest, coupled with continued media attention and robust market conditions. Realistically, while DOGE’s potential remains high, achieving the $1 target could be a challenge in the short term without extraordinary catalysts, and investors should brace for potential fluctuations given the token's current overbought condition and cyclical nature.