Elon Musk’s continued support and recent events in the political and technological spheres have contributed to the resurgence and continued growth of the memecoin.
Dogecoin is one of the most speculative cryptocurrencies on the market.
Dogecoin reached a new monthly high of US$0.3715 in the last few hours. This reflects the continued rise of the cryptocurrency sector. Traders are speculating on further gains as donald trump assumes the presidency and Elon Musk maintains its rapprochement with the US government.
The cryptocurrency, which gained popularity in 2021, saw an increase in its value thanks to the attention it received on social networks and search engines, added to the support of influential figures such as Mark Cuban and Elon Musk. In 2021, Dogecoin started at $0.0047 and quickly reached new heights after becoming a viral topic. Musk’s appearance on “Saturday Night Live” was a milestone for the coin, raising its price to an all-time high before it began to fall.
What’s behind
After a difficult 2022 for many cryptocurrencies, marked by the bankruptcy of companies in the sector and a decline in interest, Dogecoin experienced a resurgence in 2023.
Musk’s purchase of Twitter helped revive the currency, most notably the temporary change of Twitter’s logo to that of Dogecoin, which boosted its price significantly. This change also fueled speculation about the possible integration of Dogecoin payments on the new X platform (formerly Twitter).
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Courtesy: VOI
Musk’s continued support for Dogecoin has been key to its rise, leading to increases in its price each time market expectations are revived. In recent weeks, Dogecoin has seen a new rise, while Bitcoin (CRYPTO), the leading cryptocurrency, continues to reach all-time highs following the 2024 presidential election.
Source: Ambito
