Dogecoin (CCC:DOGE-USD) may not be the sacrosanct meme coin it was earlier this year, but it shows no signs of quitting. The network is in a steady growth phase, with upgrades on the horizon. Additionally, one of the biggest influencers in blockchain technology is expected to continue to provide bullish support. For many, it is considered a very wise recommendation based on these factors. But while it’s fun to think about the coin’s growth potential from here, it’s absolutely staggering to think about the past year and think about how much money DOGE could have made.
In the first eight years of its existence, DOGE was worth almost nothing. Worth only a fraction of a cent, huge amounts of the coin could be bought as pocket money. This allowed it to fulfill its role as a meme coin – something you could send your friend as a joke.
However, in February the tides began to shift. DOGE briefly hit the one-cent mark in early 2021 and then shot to five cents in February. This then catalyzed a series of huge leaps and bounds upwards; the coin went from five cents to nearly a dollar in a month.
Things have cooled off since then, but DOGE is still worth over 25 cents, a price no DOGE owner has seen in 2019. Since the correction to the current price, the developers of the Dogecoin network have been working diligently to implement upgrades to strengthen the fundamental value of the coin. Meanwhile, Mark Cuban – a well-known Dogecoin bull – reiterates his claim that Dogecoin is a valuable investment. Cuban is very optimistic about the future of Dogecoin as a potential stablecoin once it hits $ 1.
What is a Dogecoin investment of $ 1,000 as of 2020 worth today?
People often talk about how huge Dogecoin was and the lucky few Dogecoin millionaires that were made out of the price hike. But how much is an investment in the coin worth today?
Well, a $ 1,000 investment in Dogecoin in October 2020 would have earned an investor around 386,000 DOGE. At a current price of 25 cents, that would mean the $ 1,000 investment is currently worth just under $ 100,000. But let’s not stop there. What if you bought Dogecoin worth $ 1,000 in October 2020 and then sold it to the DOGE all-time high of over 73 cents in early May? Well, that investment would be worth over $ 284,000 today. Those who dumped their DOGE years ago are sure to be howling at the moon now.
At the time of this writing, Brenden Rearick held (neither directly nor indirectly) positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s posting guidelines.
Comments are closed.