The original meme cryptocurrency, Dogecoin (DOGE), is one of the highest-performing assets over the past few days. This meme coin has been criticized for its slow price fluctuations over the years, but DOGE has been seen rejuvenating with its latest performance. However, the community remains weary as the volatile nature of the market can affect the asset's price.
Looking at Dogecoin's surge
Dogecoin has witnessed an 85% spike in the past week. This increase is associated with Donald Trump's victory in the U.S. presidential election. Elon Musk's involvement in Trump's campaign has reignited interest in Dogecoin. Musk is launching the 'Government Efficiency Initiative' (DOGE), aimed at cutting waste and streamlining operations of the U.S. government.
The original meme coin surged to a high of $0.43858 from a low of $0.28259. At the time of reporting, Dogecoin is trading at $0.391397, after rising 32% in the past 24 hours.
Additionally, Dogecoin's daily trading volume has seen a three-digit increase. The 24-hour trading volume of this meme coin reached $18.78 billion after soaring by 164%.
Is $0.5 coming soon?
The first meme coin in the world was introduced to the market as a joke. But DOGE has brought significant profits to investors. Dogecoin continues to be down 60% from its all-time high of $0.7376 despite recent price increases.
According to CoinCodex, Dogecoin is expected to trade similarly in the coming days. The asset will trade at around $0.292582, which is a slight decrease on November 15. It seems that this meme coin will take some time to surpass the $0.450 mark towards $0.50.
While Dogecoin has experienced significant price changes, this asset continues to lack utility, which could be a problem later. This may impact the growth of the cryptocurrency.
