One of the best meme coins, Dogecoin (DOGE), has gained enormous popularity due to the support of well-known figures like Elon Musk.
One of the best meme coins that have given investors significant returns is dogecoin. The DOGE price has increased significantly over the last two years, and one of the things driving the coin’s bullish run is its effectiveness.
The popularity of this meme coin is directly related to Elon Musk, the CEO of Tesla, who constantly tweets to impact the coin’s value. The price of Dogecoin is currently US$0.08993, and its 24-hour trading volume is $571.68 M.
In the previous 24 hours, DOGE has gained 4.62%. Given the recent price increase, it is anticipated that this meme cryptocurrency will attract the interest of many new investors, which proves Dogecoin’s sustainability.
Dogecoin: A Journey to Become the Most Popular Meme Coin
Dogecoin (DOGE), which was introduced in December 2013, was created as a way to mock the irrational speculation surrounding cryptocurrencies. But as of this now, with a market capitalization of $11.8 billion, it is the largest meme coin worldwide. Even if cryptocurrencies are trendy right now, they weren’t the same nine years and one month ago.
For seven straight years, from December 2013 to December 2020, Dogecoin’s price was relatively flat. The lowest price Dogecoin has ever experienced was $0.0000869 on May 6, 2015, according to Global data.
Everything changed in 2021 when Elon Musk, the CEO of Tesla, became Dogecoin’s lucky charm. Musk tweeted about DOGE on January 28 and 29 then, BOOM, Dogecoin’s value soared over 300% in just four hours to $0.032642.
The cryptocurrency temporarily reached its greatest price since it was first created over a year ago when Dogecoin was trading at its all-time high price of $0.682 (DOGE).
When is the best time to purchase meme coins?
Many cryptocurrency enthusiasts are optimistic about the future of Dogecoin and believe that more meme coins will follow in their alpha paw prints. Overall, it can be concluded that meme coins are a significant part of the future of cryptocurrencies and are here to stay.
Note: It should be noted that the content in this article is strictly the author’s opinion and is not intended to be investment advice; it is only provided for informational reasons.