Dogecoin (DOGE) has faced quite a steep correction in the last 24 hours. The original memecoin is down 6.2% in the daily charts and 2% in the 14-day charts. Despite the dip, DOGE’s price is still in the green zone in the other time frames. According to CoinGecko’s Dogecoin data, DOGE is up 8.5% in the weekly charts, 12.4% in the monthly charts, and 119.3% since August 2024. What this means is, your money would have doubled till now, had you invested in Dogecoin (DOGE) last August.
Can Dogecoin Still Double Your Money?
Dogecoin (DOGE) has had incredible success since its launch in December 2013. The memecoin hit an all-time high of $0.7316 in May 2021. DOGE’s price is down by nearly 70% from its 2021 peak. There is a high chance that DOGE will eventually breach the $1 mark if it reclaims its all-time high price level. If DOGE hits the $1 mark, your investment will more than double in value.
DOGE has seen quite a rise in adoption over the last few years. DOGE has also found a fan in tech billionaire Elon Musk. Musk has gone as far as to enable DOGE payments for many of his business ventures. Customers can use DOGE as payment for Tesla and SpaceX merchandise. SpaceX has also accepted DOGE for a satellite program.
There is a lot of talk about Musk including DOGE in X’s payment feature. If X Payment begins accepting Dogecoin (DOGE), the memecoin will likely see a massive surge in adoption. The move could lead to the asset hitting never-before-seen price levels.
Also Read: Chart Patterns Point to Explosive Dogecoin Gains by 2026: Details
There is also a spot DOGE ETF awaiting approval at the SEC. If approved, it will become the first memecoin ETF in the US. An ETF approval may lead to a spike in institutional investments for DOGE. Institutional money could push DOGE’s price to beyond the $3 mark.