Dogecoin (DOGE) is one of the most successful cryptocurrency projects in the market. The original memecoin has come a long way in its 11-year journey. DOGE’s price has risen by a massive percentage since its launch. Early investors have reaped millions of dollars in profit with minimal investment.
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If you had invested $1000 in DOGE in November 2014, ten years ago, you would have been sitting on $1.59 million today. Your portfolio would have grown by 159,531%.
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DOGE’s price skyrocketed during the 2021 bull run. The memecoin is witnessing another massive price surge right now. DOGE’s price is up by 5..2% in the daily charts, 26.6% in the weekly charts, 146.4% in the 14-day charts, and 160.3% over the previous month. The memecoin has also been up by 344.1% since November 2023.
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One of the most significant catalysts for DOGE’s rally is Donald Trump winning the US Presidential race. Trump received a lot of support from Elon Musk, one of the most vocal supporters of Dogecoin (DOGE). Musk proposed the creation of a Department Of Government Efficiency (D.O.G.E.) under Trump’s leadership, which has since come to fruition. Musk is co-head of the new department with Vivek Ramaswamy.
There is a possibility that DOGE will experience incredible growth over the next few years while Donald Trump is in office. Elon Musk will most likely have the President’s ear, which may lead to DOGE’s price skyrocketing.
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There is also a possibility that investors will start to book profits. This development may lead to DOGE facing a significant price correction. How the memecoin performs over the next few weeks is yet to be seen.
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