The value of the Dogecoin cryptocurrency token has increased by 78,600% from the minimum values

According to analysts, the value of the Dogecoin cryptocurrency has increased by more than 78,600% compared to the record low of $ 0.869. Currently, Dogecoin is trading at $ 0.6 528, which is 89% below the historical high of DOGE in 2021.

The analysts emphasized that such «young» cryptocurrencies as Dogecoin «can bring large profits to their investors in the long run.» In the case of Dogecoin, the increase in the value of the cryptocurrency is often due to the statements and actions of its supporter Elon Musk.

For example, Elon Musk recently announced that he would send Dogecoin to the moon at the end of 2022. Interestingly, despite the recent market correction, the billionaire confirmed that he continues to support the token. Also, at the end of last week, SpaceX’s parent company, The Boring Company, which builds infrastructure and tunnels, announced the start of accepting payments in cryptocurrency — from now on, drivers will be able to pay for trips through Los Angeles tunnels in Dogecoin.