#Dogecoin futures hit record high#

The Dogecoin futures market recently hit a new record, with open interest surging from 7.5 billion DOGE over the weekend to 103.5 billion DOGE, surpassing the 100 billion DOGE peak on March 10, 2024. This indicates growing market interest in Dogecoin, potentially signaling new money entering the market and potentially driving price increases. Analysts predict Dogecoin prices to reach $0.50 in the coming weeks and believe it has the potential to reach $1 in 2025, which would give it a market cap of $100 billion. Dogecoin's recent surge is largely driven by bullish sentiment fueled by Elon Musk's support for the meme, who proposed the creation of a "Department of Government Efficiency" (DOGE for short) to improve government spending efficiency. This has sparked expectations among traders that there may be more mainstream media and retail trading circles discussions about "DOGE," leading to increased attention and interest in Dogecoin.