#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 phenomenon indicates growing market interest in Dogecoin, potentially signaling new capital inflows and driving price increases. Analyst Omkar Godbole expects Dogecoin to reach $0.50 in the coming weeks, noting that its price has rebounded above the 50-day moving average, with the 10-day moving average also rising again, indicating a bullish trend. Some even predict Dogecoin to reach $1 in 2025, which would give it a market cap of $100 billion. Dogecoin's recent surge is largely attributed to Elon Musk's support for the meme coin, as he launched a plan to establish a "Department of Government Efficiency" (DOGE for short) to improve government spending efficiency. This has sparked expectations among traders that mainstream media and retail trading circles may see more discussions about "DOGE," leading to increased attention and interest in Dogecoin.