ChatGPT has this to say about Dogecoin hitting $1 in 2024

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

Dogecoin, the market’s most popular memecoin, rallied over the past month, hitting a four-month high after noting a 28.3% hike in 30 days. In fact, even though the growth of Dogecoin has lagged this year, the memecoin has shown a steady surge since mid-October. Ergo, the question is – Can the cryptocurrency sustain its momentum?

Started as a meme

Dogecoin was founded in 2013 as a spoof of cryptocurrencies such as Bitcoin by a couple of software developers from Adobe and IBM. Dogecoin, named after a Shiba Inu dog that was the subject of an internet meme at the time, was first traded for fractions of a cent by cryptocurrency fans.

In early 2014, the first Dogecoin traded hands for USD 0.001540753. The same Dogecoin is now worth 50 cents US – A 32,000% growth.

Musk’s favorite coin

The advent of Dogecoin was crucial in preparing the ground for the present expansion of the memecoin arena. The cryptocurrency’s popularity truly took off when Tesla CEO Elon Musk started endorsing the coin.

Musk joined the Dogecoin bandwagon in 2019, primarily as a joke. However, over many months, his social media remarks about Dogecoin lent it more and more credibility. His earliest mention of dogecoin came on Twitter in April 2019, when he called it “my fav cryptocurrency.”

Dogecoin might be my fav cryptocurrency. It’s pretty cool.

— Elon Musk (@elonmusk) April 2, 2019

Elon Musk’s purchase of Twitter marked an iconic moment. As a result of Musk’s announcement, the price of Dogecoin appreciated by more than 100%. Since Musk-Twitter’s takeover, there have been speculations of incorporating and integrating Dogecoin with Twitter (Now, X).

However, it’s been months since and Musk has not made any updates on this front yet. Also, this hype didn’t last long as the m

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Author: Jacob Thomas

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