Dogecoin (DOGE) has experienced quite a significant pullback in the past 24 hours. The original memecoin has dropped 6.2% on the daily chart and 2% on the 14-day chart. Despite the decline, Dogecoin's price has still maintained an upward momentum in other timeframes. According to CoinGecko's Dogecoin data, Dogecoin has risen 8.5% on the weekly chart and 12.4% on the monthly chart, and it has increased by 119.3% since August 2024. This means that if you invested in Dogecoin (DOGE) last August, your funds should have doubled by now.
Can Dogecoin still double your money?
Dogecoin (DOGE) has achieved incredible success since its launch in December 2013. This memecoin reached an all-time high of $0.7316 in May 2021. Currently, Dogecoin's price has fallen nearly 70% from its 2021 peak. If Dogecoin's price can rebound to its all-time high, it is very likely to eventually break through the $1 mark. If Dogecoin's price reaches $1, the value of your investment will more than double.
In recent years, the popularity of Dogecoin (DOGE) has surged significantly. Tech billionaire Elon Musk has also shown a preference for Dogecoin. Musk has even enabled Dogecoin payments in many of his business ventures. Consumers can use Dogecoin to purchase merchandise from Tesla and SpaceX. SpaceX has also accepted Dogecoin for its satellite projects.
There has been much discussion about Musk incorporating Dogecoin (DOGE) into X's payment features. If X Payment starts accepting Dogecoin (DOGE), the adoption rate of this memecoin could surge dramatically. This move could lead to the asset's price reaching unprecedented levels.
In addition, a spot Dogecoin ETF is awaiting approval from the U.S. Securities and Exchange Commission (SEC). If approved, it will become the first memecoin ETF in the U.S. The approval of the ETF could lead to a surge in institutional investment in Dogecoin. Institutional funds could push Dogecoin's price above $3.