Dogecoin Sets Price Record in 3 Years
In 2024, Dogecoin ($DOGE ) made a strong impression with skyrocketing value, peaking at a 3-year high of $0.48 in December. This recovery was thanks to positive statements and actions from Elon Musk and Donald Trump, bringing a wave of optimism to the cryptocurrency market, especially for meme coins.
Dogecoin reached an all-time high of $0.73 in May 2021 before entering a period of stagnation. However, with Trump's presidential election victory and support from Musk, the coin has made a spectacular comeback.
Musk and Trump: The Inspirations for DOGE
Elon Musk, CEO #Tesla , and Donald Trump have made positive moves to draw attention to Dogecoin. In his campaign, Trump announced the establishment of a special agency called the Department of Government Efficiency (DOGE), aimed at cutting government spending.
Although this agency is not directly related to Dogecoin, the name and Musk's appearance at events have skyrocketed DOGE's value. Promotional products like t-shirts featuring #TRUMP , Musk, and the Shiba Inu dog have also garnered significant interest.
Dogecoin Faces Technical Issues
Despite achieving significant success, Dogecoin is not without its hiccups. In December, a programmer exploited the 'Death Note' bug causing 70% of the network's public nodes to crash.
However, the Dogecoin Foundation rejected the allegations, asserting that over 1,000 nodes are still operational and the network is not seriously affected. The bug has been fixed, and node operators are updating the system to ensure safety.
Dogecoin ETF: Potential in the Future
With the approval of ETF funds $BTC and $ETH this year, the possibility of launching a Dogecoin-based ETF is being discussed. Some issuers, such as Grayscale, have considered including Dogecoin in their future product portfolio.
In Sweden, the company #Valour launched the Valour Dogecoin (DOGE) SEK ETP trading product on the Spotlight Stock Market, marking an important step for DOGE in the traditional financial sector.
Conclusion
Dogecoin has had a breakout year, from a strong increase in value to attracting the attention of leading investors and politicians. With support from Musk and Trump, along with the potential to join ETF funds, Dogecoin is poised to become a meme cryptocurrency more influential than ever.