Dogecoin (DOGE) is one of the most successful cryptocurrency projects in the market. The original memecoin has come a long way in its 11-year journey. The price of DOGE has increased by a large percentage since its launch. Early investors have made millions of dollars in profit with a minimal investment.
If you invested $1,000 in DOGE in November 2014, ten years ago, you would have $1.59 million today. Your portfolio would have increased by 159,531%.
Can You Become a Millionaire with Dogecoin?
The price of DOGE skyrocketed during the 2021 bull run. The memecoin is currently witnessing another major rally. The price of DOGE increased by 5.2% on the daily chart, 26.6% on the weekly chart, 146.4% on the 14-day chart, and 160.3% compared to last month. The memecoin has also risen 344.1% since November 2023.
One of the most important catalysts for DOGE's price surge is Donald Trump's victory in the White House race. Trump received a lot of support from Elon Musk, one of the strongest advocates of Dogecoin (DOGE).
Musk proposed the establishment of a Department of Government Efficiency (DOGE) under Trump's leadership, and this proposal has become a reality. Musk is co-director of this new department along with Vivek Ramaswamy.
There is a possibility that DOGE will experience incredible growth in the coming years while Donald Trump is still in office. Elon Musk could very well receive support from the President, which may cause the price of DOGE to soar.
It is also possible that investors will start to take profits. This development could cause DOGE to face a significant price correction. The performance of the memecoin in the coming weeks remains unknown.
