Cryptocurrency Dogecoin (CRYPTO: DOGE), which was started as a joke, was launched in 2013. While the meme crypto has been around for more than 10 years, 2021 is considered the most memorable year for Dogecoin, at least so far.
As Dogecoin starts to recover in 2024 after years of decline, here’s a look back at how much investors could have made by investing in the coin at the start of 2021, when social media buzz, Google Trends spikes, and new exchange listings fueled its rapid rise.
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What Happened: Dogecoin became a huge storyline in 2021 with public figures like Elon Musk and Mark Cuban generating support and posting positive thoughts about the crypto on social media.
In early January, Dogecoin emerged as a popular topic across social media platforms and experienced an uptick in Google Trends.
Later in 2021, demand for Dogecoin led to more cryptocurrency exchanges adding the coin to their platform, making it easier than ever for investors to buy and hold Dogecoin. Frequently, the addition of Dogecoin to a new exchange or an announcement of its impending inclusion has triggered a price surge for the cryptocurrency.
Throughout 2021, tweets from Musk would result in heightened trading activity and a rise in Dogecoin’s price.
Dogecoin hit many all-time highs throughout 2021, peaking at $0.7376 in May 2021, which came around the time Musk was the featured guest host of an episode of “Saturday Night Live.”
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Investors who bought Dogecoin shortly before the SNL episode aired or in the latter part of 2021 may be down on their current position.
Here’s a look at how investors who got in early, back at the start of 2021 when Dogecoin was a major trending topic, have fared.
Investing $1,000 in Dogecoin: Investors who saw Dogecoin trending on social media as the new year kicked off and placed a small bet on the cryptocurrency continuing its momentum would have been pleasantly rewarded.
Dogecoin opened for trading on Jan. 1, 2021 at $0.00468 and hit a high of $0.005685 on that day. A $1,000 investment at the time could have purchased 175,901.50 DOGE based on the highest price that day.
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The $1,000 investment in Dogecoin would be worth $31,310.47 today, based on a price of $0.1780 for Dogecoin at the time of writing on 10/29. This represents a hypothetical return of 3,031.0% over the last three-plus years.
At its peak price of $0.7376, the $1,000 investment in Dogecoin would have been worth $129,744.95.
For comparison, the same $1,000 invested in the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500 index, would be worth $1,545.73 today. This represents a return of 54.7% over the same time period.
Whether an investor sold during the run-up to all-time highs or is currently holding, if they bought Dogecoin in early 2021, they are likely saying “Much Wow.”
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This article was previously published by Benzinga and has been updated.
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This article If You Invested $1,000 In Dogecoin On Jan. 1, 2021, Here’s How Much You’d Have Today originally appeared on Benzinga.com
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Source: finance.yahoo.com