The OG meme cryptocurrency Dogecoin (DOGE) has emerged as one of the most popular assets this year. From garnering endorsements from the world’s richest man to climbing up the cryptocurrency ladder, DOGE has seen it all. Despite all the adoration that the meme coin gets, the asset has failed to reach the $1 mark. This, however, did not stop investors from becoming millionaires.
Also Read: Citi Predicts Gold Prices Could Hit $3,000 in 3 Months
Analyzing Dogecoin’s Current Market
Dogecoin entered the market as a mere meme. But its price growth was no joke. The asset has grown by 44982.41% since its introduction. Back on February 7, 2014, the meme coin was trading at a low of $0.00130. Following a massive uptick, DOGE rose to an all-time high of $0.7376 in May of 2021.
Despite garnering an annual growth of 220%, Dogecoin continues to remain far from its peak. At press time, the asset was priced at $0.252 after enduring a 4.42% drop over the past 24 hours.
Also Read: Top 3 Cryptocurrencies To Watch This Weekend
While this does not seem ideal at the moment, a rather dainty investment in the past could have turned into a profitable feat today. According to Changelly, an investment of $5,000 in DOGE back on this day in 2014 could have turned into a million today. To be precise the firm revealed that the profits on this investment currently stand at $1,010,069.62. This marks a 20101.39% surge.
Becoming A Millionaire Still On The Cards?
Donald Trump’s victory and his recent take over as the President of the United States is a bullish feat for the entire cryptocurrency market. The addition of Elon Musk, an avid supporter of Dogecoin, in Trump’s administration is a huge advantage for the meme coin. Several believe that Musk will make sure to include DOGE in the US government. In addition, better cryptocurrency regulations are expected to be a game-changer for the industry.
Also Read: Analyst Predicts a Major Bull Run For Dogecoin & FLOKI
Credit: Source link
