Is Dogecoin a Millionaire-Maker Cryptocurrency?
While Dogecoin (CRYPTO: DOGE) initially started as a parody of Bitcoin, the original meme coin is far from a joke today. With prices up by over 45,000% since its inception in late 2013, a $10,000 position would be worth an eye-popping $4.5 million today, assuming you were able to hold through all the ups and downs. That's much easier said than done.
However, while Dogecoin's long-term performance has been positive, recent months have seen the asset give back much of its gains. Prices have already dropped 48% year to date as the election rally fades. Let's explore the pros and cons of Dogecoin to decide if it can bounce back.
While Donald Trump's victory in the 2024 election turned out to be a buy-the-rumor, sell-the-news event for Dogecoin, it has proven to be a tremendous boon for the industry as a whole. The new administration has sharply pivoted away from the Biden era's litigation-heavy approach to regulation, instead prioritizing clarity and dialogue.
Source Fool.com
