Dogecoin (DOGE) continued its impressive climb for the fourth consecutive day with a striking 48% increase over the last 24 hours, sparking discussions of a potential $1 price target.

Notably, DOGE surged past the 41 cents barrier early Tuesday, marking a significant milestone not seen since May 2021, when it reached just over 70 cents. Over the past week, investors have enjoyed returns exceeding 150%, while the token nearly tripled in value over the past month.

Amazingly, DOGE-tracked futures resulted in cumulative losses exceeding $68 million, marking this year’s largest liquidation for the popular memecoin as open interest approached an all-time high from April.

Much of this surge is attributed to positive sentiment surrounding the meme's endorsement from technology entrepreneur Elon Musk during the Trump administration.

Musk has proposed the formation of a "Department of Government Efficiency" (D.O.G.E) aimed at enhancing government financial management, leading traders to anticipate heightened references to DOGE in mainstream media and among retail investors.

The recent price movements have prompted many traders to target the $1 level for DOGE — a milestone long awaited since the token's peak performance in 2021. The psychological draw of the $1 mark has inspired numerous memes advocating for "doge to $1" over the years.