Dogecoin, the best-performing cryptocurrency in 2024

• Trump's victory in the US election has supported the virtual currency, which has gained 310% this year

The best-performing cryptocurrency this year is Dogecoin, considered by many to be the original "meme coin." Meme coins ("meme coins") are cryptocurrencies dedicated to an interesting or funny idea captured in an image, video or other form of media (meme). These coins are designed to go viral (be shared online), just like memes, according to crypto.com.

A visualcapitalist.com analysis, based on data from PinPoint Macro Analytics, shows that Dogecoin has seen a massive increase since Republican Donald Trump's victory in the US presidential election in November 2024. Since the beginning of the year, Dogecoin has climbed by 310%, according to the figures mentioned.

Many cryptocurrencies have appreciated after Trump's victory, with investors and speculators believing that the incoming administration will be "crypto-friendly." It is worth noting that, during his campaign, Trump also accepted crypto donations.

Another factor at play (especially for Dogecoin) is Elon Musk's growing role and influence in government. Musk, the founder of Tesla, is a proponent of cryptocurrency and has repeatedly expressed his support for Dogecoin in tweets and interviews. It is possible that the establishment of the Department of Government Efficiency (DOGE) will also spark interest in Dogecoin, according to the cited source.

Besides Dogecoin, other cryptocurrencies with significant developments in 2024 are: SHIBA INU +150%, Solana +134%, Bitcoin +113%, BNB (Binance Coin) +98%, UNUS SED LEO +93%, TRON +85%, XRP (Ripple) +72%, Zcash +65%, Crypto.com Coin +62%. For comparison, the price of gold has risen by 28% this year.

The cited source recalls that Solana is known for its relatively fast transaction speeds, being the favorite of NFT creators, but also of those passionate about play-to-earn games. Binance Coin is the native cryptocurrency of the Binance ecosystem, which has had its share of controversies, including its role in the collapse of FTX. Zcash is a privacy-focused cryptocurrency that offers "zero-knowledge proofs," allowing users to verify transactions with revealing details like the sender, recipient, or amount.

• Cryptocurrency market cap hits record high

The market value of all cryptocurrencies hit an all-time high of $3.3 trillion on Nov. 19, according to TradingView. The development comes as Donald Trump's victory in the US presidential election has fueled bets on more friendly regulation in the field. There are other factors behind the growth: companies, banks, and investment funds are also investing in crypto.

The previous all-time high of $2.62 trillion was reached in 2021, when stimulus during the Covid-19 pandemic fueled speculative investments.

There are over 4,000 cryptocurrencies globally, but Bitcoin dominates the market.

Dogecoin, the original meme currency, was created based on the "Doge" meme in 2013 as a joke to parody the explosive growth of virtual currencies, including Bitcoin. Its developers, software engineers Billy Markus and Jackson Palmer, wanted Dogecoin to be a fast, cheap, and "fun" alternative to Bitcoin. Dogecoin was successful upon launch, becoming a popular currency on social media platforms and a major fixture of the crypto space in early 2021, supported by celebrities such as Elon Musk, Mark Cuban, and Snoop Dogg.