Dogecoin (DOGE) has continued its impressive rally, with prices soaring by 48% in the past 24 hours. This surge has revived excitement among traders, who are once again eyeing the long-anticipated $1 target.

On Tuesday, DOGE surged past 41 cents — a level it hasn’t reached since May 2021, when the token peaked above 70 cents. Over the last week, DOGE has gained more than 150% and has nearly tripled in value over the past month, according to market data.

The recent gains have also led to significant activity in DOGE-related futures markets, with over $68 million in liquidations, the highest for the token so far this year, as open interest nears a record high set in April.

The rally appears to be fueled by renewed enthusiasm tied to Elon Musk’s influence. Musk recently discussed plans for a “Department of Government Efficiency,” or D.O.G.E., focused on improving government operations, spurring speculation that Dogecoin could see more media buzz and retail attention, as CoinDesk first reported in mid-October.

With this momentum, some crypto traders are now pushing for the $1 target — a level seen as highly significant since DOGE’s rise to 70 cents in 2021.

The psychological appeal of $1 has made it a recurring theme in the “doge to $1” memes, adding to the excitement around Dogecoin’s rally in recent years.