Dogecoin (DOGE) had a pretty good year in 2024. The price of the asset soared after Donald Trump won the U.S. presidential election. The sudden rise of Dogecoin may be attributed to Elon Musk's support for Trump's campaign. The tech billionaire is one of the most outspoken supporters of Dogecoin. His support for Trump's presidential campaign significantly boosted investor confidence in the memecoin.
Price trend of Dogecoin
Despite DOGE's impressive performance in November 2024, the price of DOGE has seen a significant pullback in recent weeks. DOGE is down 2.4% on the daily chart, down 20.7% on the 14-day chart, and down 24.8% over the past month. The memecoin is still up 3.4% on the weekly chart and nearly 255% on the yearly chart.
The latest adjustment of DOGE occurred as Bitcoin (BTC) fell below $94,000. BTC faced adjustment after the inflation rate in the U.S. rose to 2.7%. The Federal Reserve took a tough stance on its monetary policy. Following the latest FOMC meeting, the Fed announced only two interest rate cuts in 2025. This development led market participants to grow weary of risk assets.
3 Reasons DOGE is Expected to Reach $1 by 2025
1. The Beginning of DOGE
President-elect Donald Trump announced the establishment of the Department of Government Efficiency (DOGE), headed by Elon Musk and Vivek Ramaswamy. Once the department is in effect, the price of Dogecoin (DOGE) may rise significantly.
2. Integration with X
There has been a lot of discussion about DOGE being included in the X payment platform. If successful, the use case for the memecoin could suddenly increase. This development could lead to a significant rise in the asset.
3. More Adoption
In 2025, DOGE may see more adoption. Over time, the popularity of meme coins is continually increasing. With U.S. leadership supporting cryptocurrency, we may see more cryptocurrencies being adopted. This scenario could lead to a market rebound.
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