Dogecoin’s (DOGE) price has witnessed spectacular growth in value after Elon Musk declared that Tesla would soon accept DOGE payments
Dogecoin (DOGE) has witnessed spectacular growth in value since its inception in 2013. Throughout its 11-year existence, the original memecoin has made significant progress. The asset recently saw a price increase when Elon Musk said that Tesla would soon accept DOGE payments for its automobiles.
The asset has risen 7.8% on the daily charts, 23.3% on the weekly charts, 45.4% on the 14-day charts, and 126.1% in the preceding month. Furthermore, DOGE’s price has increased by 158% since March 2023. However, the portfolio’s value would have climbed to $18.15 million, a 14,900% increase.
DOGE is well-known for turning several early investors into multimillionaires. If you had invested $1000 every month since 2014, you would have accumulated almost $121,000 by now.
Furthermore, if you had invested $1000 every month until Dogecoin’s (DOGE) price reached its all-time high in May 2021, you would have spent $86,000. However, the portfolio’s value would have risen to $132.26 million, a 153,697.9% increase.
Dogecoin’s Price Surge and Historical Volatility
Musk declared his support for Dogecoin during the ‘We Are Giga‘ event in Texas. To a jubilant audience of hundreds, he yelled, “Dogecoin to the Moon!” This prominent support has sparked renewed interest in the meme-inspired cryptocurrency. This recent declaration has prompted many investors and fans to be excited about the possible effects of Tesla’s adoption.
The price of Dogecoin skyrocketed on the news of Tesla’s potential DOGE incorporation. DOGE surged over 9% from a 24-hour low of $0.1656 to a high of $0.188. This quick rise in value is not unusual for DOGE. The meme currency has a history of unpredictable price changes, frequently linked to Elon Musk’s public comments and activities.
Dogecoin has previously rallied in response to Musk’s favorable news or remarks. As a result, many investors are speculating on Dogecoin’s possible price trajectory if Musk goes ahead with his proposal to make it an official payment mechanism for Tesla.