DOGE runs past 41 cents, first time since May 2021

DOGE surpassed 41 cents for the first time since May 2021, when posted a record high of slightly more than 70 cents. It has nearly tripled in the last 30 days and returned more than 150 percent to investors within a week.

Dogecoin (DOGE) led the majors in gains, with prices rising as much as 44% for the day. The meme asset overtook stablecoin USDC and XRP (XRP) to take the sixth-largest token spot. Over the last 30 days, DOGE has increased by 120 percent thanks to tech entrepreneur Elon Musk’s renewed support.  

Futures contracts that track DOGE have lost more than $68 million overall. With open interest close to its highest level since April, these liquidations were the biggest for the dog-themed token this year.  

Tech entrepreneur Elon Musk’s support of the meme within the Trump administration has contributed significantly to the current rally’s bullish sentiment. 

In addition, Musk referred to the creation of the Department of Government Efficiency to cut government spending during the Trump campaign, and the acronym “DOGE” is a well-known meme-coin.

Therefore, the officialization of this department and the appointment of Elon Musk as its head would be the next step that could support the Dogecoin rally. Price action affirms highly overbought levels and Investors might have time to rest since Trump’s inauguration isn’t until January 20, and DOGE may go through some tumultuous times in the interim.