Dogecoin (DOGE) experienced one of the highest crypto gains in November, during the crypto rebound led by Donald Trump.
Dogecoin has surged 65973.99% since its inception in 2013. Billy Markus and Jackson Palmer created this asset. Initially a parody token mimicking Bitcoin (BTC), it has gained popularity over time due to its loyal following.
This dog-themed meme coin skyrocketed to its highest price in three years at $0.43, particularly due to its informal ties with Tesla and SpaceX CEO Elon Musk, who was recently appointed as a co-leader of a new federal agency under the Trump administration—yes, the D.O.G.E.
In the past 30 days, DOGE has risen by 164.4%.
Traders are eyeing the next $1 DOGE.
According to Skew, a widely followed crypto analyst, Dogecoin's recent index surge has undoubtedly strengthened its significance in the crypto industry, earning it the title of 'King of Crypto'.
DOGE surged and completed higher highs on the weekly chart, breaking through the key high timeframe (HTF) resistance area of $0.32.
Breaking through 32 cents is crucial as it indicates a structural shift in Dogecoin's trend, allowing prices to stabilize between $0.32 and $0.40. The $0.40 level has recently been critical for DOGE bulls. If this level is successfully maintained, the likelihood of a continued astonishing bull market will increase.
Skew also noted that the 1.618 Fibonacci extension is located at $1.16. While this may seem like a very ambitious target, Dogecoin could potentially surge to this area supported by technical strength and bullish market momentum.
From $100 to $1 million?
Notably, on December 15, 2013, Dogecoin was priced at $0.0002993 per DOGE. Investing $100 in the meme coin market would yield 334896 DOGE. Considering the growth over the years, this investment would yield substantial profits.
Given that Dogecoin is currently priced at $0.3697, an investment of $100 when it traded at $0.0002993 in 2013 is now worth $123873.16.
Some believe that DOGE could eventually soar to a high of $1. If this occurs, the meme coin may witness even greater returns.
