Benzinga – Two years ago, one of the trending topics across social media was Dogecoin (CRYPTO: DOGE), a meme cryptocurrency.
In 2022, Dogecoin saw less volatility, resulting in fewer mentions across social media in the midst of a cryptocurrency bear market, which was accelerated by the bankruptcies of several cryptocurrency platforms like FTX.
What Happened: In 2021, Dogecoin became one of the biggest stories in crypto, with retail investors actively trading and discussing the coin. Public companies supported the cryptocurrency, along with billionaires like Tesla CEO Elon Musk and Mark Cuban.
In 2022, Dogecoin failed to continue its break out and traded in a range of $0.04972 to $0.2032.
The cryptocurrency saw several spikes in 2022, including a couple of notable moves related to Musk acquiring Twitter and hopes for integration with the social media platform.
Dogecoin hit an all-time high of $0.7375 in May 2021, which came around the time Musk was the featured guest host of an episode of “Saturday Night Live.” Investors who bought into Dogecoin shortly before the episode aired or in the latter part of 2022 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.
Related Link: How To Buy Dogecoin
Investing in 2021: If you were fortunate to throw a little money into Dogecoin at the beginning of 2021, the cryptocurrency could be one of the best-performing assets in your portfolio.
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 DOGE based on the highest price that day.
The $1,000 investment in Dogecoin would be worth $13,338.57 two years later, based on a price of $0.07583 for Dogecoin at the time of writing.
This represents a hypothetical return of 1,233.9% over the last two years and two months.
At its peak price of $0.7375, the $1,000 investment in Dogecoin would have been worth $129,726.99.
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.”
Read Next: Much Wow! If You Invested $100 When Elon Musk First Tweeted About Dogecoin, Here’s How Much You’d Have Now
Photo: AI generated on Shutterstock
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Join the millions of people who stay on top of global financial markets with Investing.com.