If Dogecoin reaches a new high, how much can a $100 investment earn?
Dogecoin was quite popular on Twitter and Google last year.
Although Dogecoin's price has risen in recent weeks, it still hasn't returned to the peak of 2021.
While Dogecoin has recently increased, it is still significantly lower than the peak in May 2021.
Let's calculate how much $100 invested in Dogecoin today could become if it reaches a new high.
Dogecoin surged to a new high this month at $0.3011 each, the cryptocurrency market is heating up, and everyone is hoping for Trump to add more fuel, so Dogecoin can rise again.
Back in 2021, Dogecoin was incredibly popular, with its price skyrocketing from an initial $0.0047, driven by social media and Google buzz. When big names like Mark Cuban and Elon Musk tweeted, Dogecoin's price surged again.
When Musk appeared on Saturday Night Live, Dogecoin peaked, gaining waves of new fans, and its price soared before gradually falling back down.
Dogecoin had a tough time in 2022, with cryptocurrency companies going bankrupt and interest rates dropping, but it started to recover a bit in 2023.
When Musk acquired Twitter, the platform even changed its logo to Dogecoin's logo, causing another price surge.
Musk has consistently supported Dogecoin over the years, and the price has risen accordingly.
In recent weeks, Dogecoin's price has risen again, and it might even surpass Bitcoin BTC/USD, reaching a new high after the 2024 presidential election.
Investing $100 in Dogecoin might never see it return to the 2021 peak.
However, if more places accept Dogecoin for payments, or social media platforms (like X) start using Dogecoin, the price could increase further.
At the current price of $0.2888, $100 can buy 346.2604 Dogecoins. If Dogecoin can return to its historical peak, today’s $100 investment could become $255.40, yielding a profit of 155.4%.
While no one can guarantee Dogecoin will rise in 2024 or beyond, investors might just find a few “jackpot” opportunities.
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