Year of Dogecoin: Elon Musk's Favorite Cryptocurrency Returns to the Forefront
Dogecoin price surges to three-year high on bullish comments and moves from Donald Trump and Elon Musk in 2024. Here's a look back.
As cryptocurrencies soar in value in 2024, Dogecoin holders plan to take their multi-million dollar meme coin to the moon.
And if recent events are any indication, the coin — often given a lot of attention by billionaire Elon Musk — is already part of the way there.
Dogecoin has had an incredible year, from hitting a three-year high to becoming the name of an additional U.S. government initiative, to inspiring new exchange-traded products.
Although its network has been experiencing some technical issues recently, the Shiba Inu-inspired token is still heading into the new year with plenty of momentum.
Dogecoin surged to a three-year high of $0.48 in early December as President-elect Donald Trump and his ally Musk worked to drum up positive investor sentiment toward the digital asset.
The cryptocurrency peaked at an all-time high of $0.73 in May 2021, and spent the following years well below that level until its recent rally.
Dogecoin’s price started to soar a few months ago as self-proclaimed cryptocurrency champion Trump paved the way for him to reclaim the White House. His election day victory sparked broader enthusiasm in the crypto market, which benefited meme coins, including Dogecoin.
The token's value also rose several times after Musk, in a series of posts on X (formerly known as Twitter), mentioned the digital currency alongside a proposed government agency aimed at cutting bureaucratic spending.
Musk and Ramswamy lead DOGE
Shortly after Election Day, Trump announced that Elon Musk and entrepreneur Vivek Ramaswamy would lead a non-governmental U.S. ministry that shares a name with Dogecoin.
The Department of Government Efficiency, or DOGE, aims to cut U.S. government spending, reducing the federal budget deficit. Musk had been teasing the initiative for weeks before it was officially announced, sparking excitement among Dogecoin holders.
“We’re also going to have a leaderboard of the stupidest spending of your tax dollars,” Musk said on Channel X last November. “That’s going to be very tragic and very entertaining at the same time.”
Dogecoin’s price also surged after Musk shared his plans for the initiative at a Trump rally in October. Although Dogecoin is named after Musk’s beloved currency, with its abbreviation matching the Dogecoin symbol, and Trump is selling T-shirts featuring him and Musk alongside a Shiba Inu dog, the initiative itself has nothing to do with cryptocurrencies.
#Crypto2025Trends #BtcNewHolder #ChristmasMarketAnalysis #RideTheKaiaWave
Dogecoin
