Dogecoin (DOGE) had a pretty good year in 2024. The price of the asset surged after Donald Trump won the U.S. presidential election. The sudden rise of Dogecoin may be due to Elon Musk's support for Trump's campaign. This tech billionaire is one of the most vocal supporters of Dogecoin. Investor confidence in the memecoin significantly increased due to his support for Trump's presidential campaign.
Price Trends 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, 20.7% on the 14-day chart, and 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 for DOGE occurred as Bitcoin (BTC) fell below $94,000. Following a rise in the U.S. inflation rate to 2.7%, BTC faced adjustments. The Federal Reserve took a tough stance on its monetary policy. After the latest FOMC meeting, the Fed announced only two rate cuts for 2025. This development led market participants to become 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 this department is operational, the price of Dogecoin (DOGE) could rise significantly.
2. Integration with X
There has been much discussion about DOGE being incorporated into 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 continues to grow. With the U.S. supporting the leadership in cryptocurrency, we may see more cryptocurrencies being adopted. This situation could lead to a rebound across the market.
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