Dogecoin (DOGE) has seen sharp gains in recent weeks as Bitcoin prices surged to new record highs, creating positive momentum across the cryptocurrency spectrum. Dogecoin has been one of the best performing meme coins, surging nearly 235% in the past few days to levels close to $0.366. Market expectations have suggested that the coin could continue to make further gains with the possibility of reaching $1, further boosting its popularity and trading among investors.
In terms of uses, Dogecoin is not only an investment currency, but it is also used as a means of supporting internet content on platforms such as Twitter and Reddit, and is accepted as a means of payment in some companies such as Tesla and some other stores. The reactivation of the Dogecoin Foundation in 2021 played a role in enhancing the sustainability of the project and developing its structure, as the foundation includes prominent advisors such as Ethereum founder Vitalik Buterin, and the legal representative of Elon Musk's family, which enhances the credibility and support of the currency in the long term.
Also, it is worth noting that Dogecoin relies on its own network based on the Scrypt algorithm, which makes it different from some traditional currencies. Despite its beginning as an “internet joke”, it has gained wide popularity and has become a financial tool used to support charitable campaigns and adopt community initiatives, which adds value to it beyond its use as a speculative tool only.
Finally, have you invested in Dodge?