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Is DOGE a meme crypto coin with a funny design and no trading profits for you? It’s time to rethink your idea of this cryptocurrency since we continue witnessing an exceptional rise of Dogecoin in 2024. Extensive investments in this altcoin have caused the growth of its market value. So, it seems Dogecoin is turning into a solid source of income.
What has ignited such a rise of interest in this meme coin? What is Dogecoin faucet’s future potential? Find out below.
Dogecoin’s Meme Past
Created in 2013 by two software developers, Dogecoin was a joke currency, a sort of parody of Bitcoin. With a Shiba Inu image attached, Dogecoin soon became as popular a meme as the Japanese dog itself. Several celebrities joined the Dogecoin community, and Elon Musk was and is one of the most famous supporters of DOGE.
Not pegged to a safe-haven fiat currency or precious metal, Dogecoin was always backed by the devoted community. Even when its creators abandoned it, this meme currency remained popular. Easy to buy, purchase, or pay with, the coin has been widely used for quick transactions, and all these factors cemented its low but pretty stable price.
A Change in the 2020s
In the era of pandemic shutdowns, traditional economies became less reliable for investors. Many were searching for an alternative source of investments, and that gave rise to the crypto market expansion. Amazingly, Dogecoin, a meme currency, looked stabler than many other currencies and altcoins of the time, which resulted in a significant growth of DOGE’s price.
Still, the Dogecoin profitability was disputable. There were several massive bulls and bears in the period from May 2021 to November 2022. You might remember how DOGE’s price skyrocketed by 37% after Elon Musk replaced the Twitter Blue Bird logo with Dogecoin’s Shiba Inu. However, the price continued to fluctuate.
Why Is Dogecoin Rising Today?
At the time of this writing, one Dogecoin cost $0.12, which is 30,000% higher than the price of the crypto coin in 2013 ($0.0004). Such strengthening goes along with several other factors that may ignite an immense rise of Dogecoin. Even today, we’re observing an impressive growth thanks to the following tendencies:
- Dogecoin has a steadily growing, fully devoted community.
- There are influential personalities who continue to support Dogecoin.
- DOGE is widely accessible and quite affordable for the broadest audiences.
- Many top brands and common retailers or services accept Dogecoin as a payment solution.
- Stimulated by pandemic-caused risks, institutional investors and banks announced they would invest in Dogecoin as a staple crypto coin within the range of similar cryptocurrencies.
Another crucial factor for investing in Dogecoin is the technology upgrade the crypto coin’s core underwent in 2024. The developers claim that DOGE’s code has become more secure now. Thanks to the innovations, the blockchain enables users’ private keys and ensures safer transactions, reproduction processes, and validation within the network.
The Impact of Celebs
One more reason for a positive Dogecoin prediction is that renowned influencers and celebrities have been backing this meme currency for many years. An illustrious example is Elon Musk, a billionaire and Tesla’s CEO who claims he holds only three crypto coins, one of which is DOGE. With 52M followers, Elon Musk can ignite the rise of the cryptocurrency’s rate with a single post on X. Now, we know this for sure. Moreover, Tesla accepts Dogecoin for payments.
Another billionaire, Mark Cuban, also declares his passion for DOGE. The owner of the Dallas Mavericks makes no secret of the fact that initially, the meme coins were purchased to educate his child. However, DOGE has proved to be a reliable payment method, and now, Mark Cuban is a big fan of this cryptocurrency.
Market Influences and Predictions
Economists tend to express mute optimism when they reveal their Dogecoin predictions. The most pessimistic of them admit that the meme coin will cost at least $0.10, a price ensured by the staunch Dogecoin community. However, the majority of experts believe that the token will rather show bullish patterns. Its expected minimum price in 2025 is $0.2058. The highest rates forecasted range from $0.38 to $0.80.
The market trends we’re observing today also prove the idea of Dogecoin’s further rise. Its blockchain’s security and option set were significantly improved in 2024. At present, you can purchase goods and services for DOGE coins from the following companies:
The meme coin would scarcely lose popularity in the near future. Its affordable price and extensive use possibilities will force more and more retailers to add this altcoin to their payment option lists. Experts also recommend bearing in mind the so-called FOMO factor. That is, some users will continue to hold Dogecoin since they adore the meme, while others will purchase it driven by the fear of missing out, and not without reason! So, the more coins are in demand, the higher their price is.
Dogecoin Profits and Investment Opportunities
The analysis of the global shutdown experiences and their ruining influences on traditional economies has pushed large institutions and banks to invest money in cryptocurrencies and their technological advancement. The key reasons include stronger resilience within unstable systems and ease of use. Believe it or not, the most famous meme currency, Dogecoin, is on the list, too.
For an individual investor, this digital asset may also be an interesting source of investment. The Dogecoin market trends of recent years prove that the cryptocurrency is sure to grow in value. Those who opted for the meme coin investment before 2020 have gained an interest of 300%-800%!
Imagine source: https://unsplash.com/photos/a-group-of-gold-coins-cKlv-we0VT0
