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In December 2013, Billy Markus and Jackson Palmer launched Dogecoin (CRYPTO: DOGE) as a lighthearted response to the serious cryptocurrency market, inspired by the popular “Doge” meme. Initially started as a joke, it has since gained significant traction, boasting a current market capitalization of $51 billion and a trading price of $0.35 per token.
In 2024, Dogecoin achieved a remarkable 250% gain, outperforming major cryptocurrencies like XRP, Ethereum, and Bitcoin. A substantial portion of this increase followed Donald Trump’s election victory, which sparked optimism for pro-crypto policies. Although trading at $0.47 recently, speculative interest remains high, with the potential for Dogecoin’s market cap to reach $147 billion if it achieves a $1 price per token.
Despite its gains, experts caution that Dogecoin lacks real-world utility and is a predominantly speculative investment, with a vast supply of approximately 147.7 billion tokens contributing to ongoing downward pressure on its price. The future of Dogecoin remains uncertain, with predictions suggesting a potential decline similar to the post-2021 crash.
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