#Dogecoin (CRYPTO: DOGE) has been a frequent trending topic on Google and social media since 2021.
The cryptocurrency reached all-time highs during the year, providing huge returns to investors who arrived years ago or bought a position to start the year.
Here's a look back and how much an investment from the key date would be worth now.
What Happened: Dogecoin has become a big story in 2021, with public figures such as Elon Musk and Mark Cuban generating support and posting positive thoughts about crypto on social media.
While companies use Dogecoin for marketing and social media outreach, some companies accept cryptocurrency as a form of pay.
The power of Dogecoin and trends in social media have led to more cryptocurrencies and exchanges offering investors ways to invest in Dogecoin.
Often, a new exchange adding Dogecoin or announcing it would lead to another price spike for Dogecoin, with multiple spikes every time Musk mentioned the coin.
Dogecoin reached an all-time high of $0.7375 in May 2021, which coincided with when Musk was the featured guest host of an episode of “Saturday Night Live"." Investors who bought Dogecoin shortly before the episode aired or in the second part of 2022 may be experiencing a decline in their current position.
the year 2022 saw Dogecoin fall as a trend and it was mentioned on social media in the midst of the cryptocurrency bear market, which accelerated with the bankruptcies of various cryptocurrency platforms such as FTX.
in October 2022, Dogecoin traded between $0.04972 and $0.2032, with several spikes in the crypto related to the planned acquisition of Twitter by Musk and the closing of the deal Dec.
Take a look at how early-entering investors performed at the beginning of 2021, when Dogecoin was an important trending topic.
Investing $1,000 in Dogecoin: Investors who saw that Dogecoin was trending on social media as the new year began and made a small bet on the cryptocurrency continuing its momentum would be pleasantly rewarded.
Dogecoin started trading in January. On December 1, 2021, it reached a high of $ 0.00468 and a high of $ 0.005685 on that day. A $1,000 investment at that time could have bought 175,901.50 DOGE based on the highest price that day.
A $1,000 investment in Dogecoin would be worth $10,638.52 today, based on a price of $0.06048 for Dogecoin at the time of writing. This represents a hypothetical return of 963.9% over the past two years and two months.
At its highest price of $0.7376, a $1,000 investment in Dogecoin would be worth $129,744.95.
Whether an investor has been selling up to all-time highs or is currently holding, if he bought Dogecoin in early 2021, he will probably say, “Very Wow.”
For comparison, the same $1,000 invested in an SPDR S&P 500 ETF Trust (NYSE:SPY) or a top-tier stock such as Apple Inc (NASDAQ: AAPL) or Tesla Inc (NASDAQ: TSLA) would not provide the same return. Take a look at the performance of these three assets over the same time period using the starting point of December. Sunday January 31, 2020, due to the market's close. 1, 2021.
