Dogecoin is trading at the $0.44 mark on Monday, attracting bullish sentiments in the charts. The leading meme currency kicked off a rally after Trump won the election and tripled in price in a month. Investors who took an entry position before the election made stellar profits as the price skyrocketed. Tesla CEO Elon Musk’s closeness with President-elect Trump made DOGE hit new yearly highs in 2024.
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Dogecoin: $10,000 Investment Becomes $50,000 in 12 Months
Source: Pixabay
Top meme currency Dogecoin was trading at the $0.08 level on January 1, 2024. It deleted a zero after Trump’s victory in early November and is now trading at the $0.44 mark. DOGE has surged nearly 400% year-to-date and is among the top-performing cryptocurrencies of the year.
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Source: TradingView
Therefore, an investment of $10,000 could have turned into $50,000 in the 12 months of 2024. That’s phenomenal profits in the short-term as very few investment vehicles can 5x your money in less than 365 days. The stellar profits are attracting a newer batch of investors who are interested in taking an entry position into Dogecoin.
Elon Musk’s closeness with Donald Trump is also fueling Dogecoin in the indices. Traders believe DOGE could find its way in some form of official payment after Trump takes office. Trump recently revealed that he plans to make the US the crypto capital of the world and also spoke highly about Bitcoin. He took to social media to congratulate investors when BTC climbed above the $100,000 milestone.
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The next four years of Trump’s presidency could push Bitcoin, Dogecoin, and other altcoins to touch new heights. The support from the digital assets market is now coming straight from the White House. In addition, the SEC approving the Spot Bitcoin ETF by allowing institutional funds to buy BTC is making prices surge. The cryptocurrency market has never been in a more beneficial position than it is today.
