Dogecoin (DOGE) surges 48% as crypto bulls revisit its $1 price target

The price of Dogecoin ($DOGE) is up 48% in the last 24 hours and has almost doubled in the last five days amid a broader cryptocurrency rally.

Dogecoin is now up 95% since Donald Trump won the US presidential election on November 5th. The price of the meme coin has surpassed $0.40 for the first time since May 2021, when it hit an all-time high of just over $0.70.

The current rally has reignited hope among crypto bulls that Dogecoin will rise to $1, a long-time goal among fans of the popular meme coin. Dogecoin is an image of a cartoon dog. The digital token was launched as a joke but has built a loyal supporter base over the past few years.

Connection with Elon Musk

Much of Dogecoin's popularity and adoption is due to the meme coin's association with Tesla (TSLA) CEO Elon Musk. At various times, Musk has promoted Dogecoin on social media, driving up the price. The current rally in DOGE is based on expectations that a second Trump term will see less stringent regulations and wider adoption of cryptocurrencies.

This also happens because Elon Musk, one of Trump's biggest campaign supporters, is considered the winner of the US election results. Musk has spoken of creating a “Department of Government Efficiency” (DOGE) to make government spending more efficient. Given the overall rally in cryptocurrencies, investors appear to be sticking with Musk's association with Dogecoin.

Is DOGE a buy?

There are no analyst ratings or price targets for Dogecoin. Instead, we look at the meme coin’s three-month performance. As can be seen in the chart below, DOGE's price has risen 247% over the past three months amid a massive rally in the broader cryptocurrency market.