Dogecoin users are determined to send their multimillion dollar meme coins to the Moon in 2024.
And if recent events are any indication, the coin—often showered with attention by billionaire Elon Musk—is already part of the way there.
Dogecoin had an outstanding year. Its price reached a record high for three years, it became the name of a U.S. non-government initiative and inspired new exchange traded products.
Even though it has recently faced some network issues, Shiba Inu’s token still looks to be heading towards the new year in a strong position.
Here's a look back at Dogecoin in 2024.
Musk and Trump Drive DOGE
Dogecoin is soaring to new heights. The three-year highest The price of digital assets rose to $0.48 early in December after President-elect Donald Trump, along with Musk’s ally, stoked investors’ positive sentiments.
In May 2021 the digital currency hit an all-time peak of $0.73. The following years saw it fall below that level until recently.
Dogecoin's price began pumping a couple months ago as self-styled crypto champion Trump blazed a path towards retaking the White House. Dogecoin has seen a price increase since Trump’s victory in the election.
Musk’s posts, on X (formerly Twitter), mentioning the token alongside a government agency aimed to cut bureaucratic expenditures in a number of his post have also boosted its value.
DOGE: Ramaswamy, Musk and Ramaswamy will lead the company
Trump’s announcement came shortly after Election Day. Elon Musk, entrepreneur Vivek RAMASWAMY Lead A U.S. non-government department with the same name as Dogecoin.
Department of Government Efficiency (DOGE) aims at reducing U.S. Spending by the governmentMusk has committed himself to cutting the federal deficit. Musk Teased initiative Dogecoin users were excited about the announcement for many weeks, even before its official release.
"We will also have a leaderboard for [the] most insanely dumb spending of your tax dollars,” Musk said in November on X. “This will be both extremely tragic and extremely entertaining."
Dogecoin's price also pumped after Musk shared his plans for the initiative at a Trump rally In October, Although DOGE is apparently named after Musk’s beloved meme coin—its acronym matches Dogecoin's ticker, plus Trump is selling t-shirts with himself and Musk alongside a Shiba Inu dog—the initiative itself has nothing to do with crypto.
Dogecoin has technical problems
Dogecoin encountered an unexpected setback earlier this week when it was reported that a blockchain developer had crashed approximately 70% of the public nodes.
Andreas Kohl The term “alleged” is used to describe a number of things. In an X message on 11 December, he claimed to have taken down hundreds of nodes which purportedly supported the Dogecoin Network. He claimed he abused a “Death Note” bug in the blockchain's code using an old laptop in El Salvador.
The following are some of the ways to get in touch with each other “Death Note” Bug Tobias Ruck a software engineer who identified the vulnerability, said that it allows an individual to kill a node due to a segmentation error.
Oops I just did a thing and I think I might have just crashed more than half of all doge nodes… pic.twitter.com/04NcRtj5k1
— Andreas Kohl (@aejkohl) December 11, 2024
However, the Dogecoin Foundation later alleged that Kohl's claim was false, arguing that more than 1,000 Dogecoin nodes remained unaffected during the alleged attack. Foundation stated that Dogecoin’s network was able to withstand the attack.
Despite the controversy, both sides of the argument raised eyebrows in the Dogecoin Community. Some members of the community argued that this bug exposed serious security flaws on the network.
“Anyone could crash the entire Dogecoin network in an instant,” Kohl wrote in a X-post. The Dogecoin Foundation, however, disputed these concerns.
Dogecoin Foundation director Timothy Stebbing said Decrypt that the bug isn't as big a deal as it may seem. Stebbing stated that the patch was released in early December and operators of node devices have updated them to prevent this vulnerability.
Stebbing claims that the blockchain has a large number of privately-operated nodes. This makes it harder to detect and shut down these nodes than public nodes which may have been compromised in the alleged hack.
Dogecoin ETFs—yes, really
With spot Bitcoin and Ethereum exchange-traded funds clinching approval in the U.S. earlier this year, it's possible Dogecoin ETFs Analysts told Decrypt.
“The ETF industry is famous for throwing spaghetti at the wall,” Bloomberg ETF Analyst Eric Balchunas stated Decrypt In November, “I imagine we'll see all kinds of stuff get attempted, including DOGE.”
Some issuers have already begun to consider offering ETFs backed by Shiba-Inu tokens. Grayscale, according to a post on its blog published in October last year, is considering including Dogecoin as part of future products that will be exchange traded.
Valour, the subsidiary of Canadian crypto-firm DeFi Technologies unveiled In November this year, Valour Dogecoin ETP (DOGE SEK) will launch in Sweden. It is the first product of its kind to offer exposure to meme-inspired cryptocurrency.
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Sebastian Sinclair edited the book