Dogecoin (DOGE) has made significant progress in its more than 10-year history. This cryptocurrency started as a joke but later became one of the highest market cap projects. The original memecoin even made many investors millionaires. Early participants in the project earned huge returns with minimal investment.
$1,000 worth of Dogecoin appreciated to $5 million
DOGE reached its lowest point on May 6, 2015. If you had invested $1,000 in memecoin on May 6, 2015, that investment would be worth $5.02 million today. Your portfolio value would have increased by 502,598.9%
If you held $1,000 worth of DOGE and sold your holdings when DOGE hit an all-time high on May 5, 2021, you would have made a profit of $7.56 million. In this case, your portfolio value would have increased by 756,170%.
Can you still turn $1,000 into $1 million?
If you buy $1,000 worth of Dogecoin (DOGE) today, you will receive about 2,325.58 coins. For 2,325.58 DOGE to reach a value of $1 million, each DOGE must reach around $430. Achieving $430 is no easy task.
According to Changelly, DOGE is expected to reach $430 at some point after 2050. The platform predicts that the trading price of memecoin could peak at $106.47 in 2050.
Telegaon analysts are more pessimistic about Dogecoin (DOGE) compared to Changelly. The platform expects DOGE to reach a maximum price of $16.37 by 2040. According to Telegaon's analysis, at this rate, DOGE may never reach the $430 mark.
In the coming years, the adoption rate of DOGE may increase significantly. The Trump administration will establish a new government efficiency department (DOGE) based on Elon Musk's suggestion. Musk is one of the most important supporters of DOGE in the world. There is also much discussion about DOGE being included in X's upcoming payment features. Both developments could push DOGE to new heights. Whether this memecoin can reach $430 remains to be seen.
