Loading… Loading…
Cryptocurrency Dogecoin DOGE/USD is one of many meme coins enjoying a boost in 2024.
Despite the rising valuation for Dogecoin over the past several weeks, the meme crypto still trades significantly lower than its all-time high hit back in May 2021.
Here's a look back and how much $100 invested in DOGE today will be worth if new highs are reached.
What Happened: Dogecoin surged in popularity in 2021 leading to an increase in the value of the meme cryptocurrency.
The crypto began trading at $0.0047 to kick off 2021 and quickly rose in value after becoming a trending topic on social media and Google. The price of the coin was also boosted with prominent figures like Mark Cuban and Elon Musk tweeting about Dogecoin.
An appearance by Musk on "Saturday Night Live" proved to be the ultimate event for Dogecoin, bringing new fans to the cryptocurrency, but also marked an all-time high before falling price.
After a forgettable 2022 that saw the price of many cryptocurrencies fall due to bankruptcies of crypto-related companies and interest fall, Dogecoin saw a resurgence in 2023.
Helping the coin was the acquisition of the social media platform Twitter by Musk, which led to Twitter changing its logo to the Dogecoin log briefly, which sent the price significantly higher.
The logo change fulfilled a promise Musk previously made and also sparked speculation that the addition of payments to X, formerly known as Twitter, could include the integration of Dogecoin.
Musk's support for Dogecoin over the years hasn't gone unnoticed and often leads to higher prices for the meme cryptocurrency.
The price of Dogecoin is up in recent weeks and comes without any major news from Musk involving the cryptocurrency. The soaring price comes with other meme cryptos trading higher, which comes alongside Bitcoin BTC/USD nearing all-time highs and generating increasing interest for the recently approved Bitcoin ETFs.
Related Link: If You Invested $100 In Dogecoin When Elon Musk First Tweeted About The Memecoin, Heres How Much Youd Have Today
Investing $100 in Dogecoin: The possibility exists that Dogecoin may have enjoyed its peak moment in 2021 and will never reach all-time highs again.Loading… Loading…
On the flip side, Dogecoin could also shoot higher as more retailers begin to accept Dogecoin as a payment option or the crypto gets integrated into social media platforms like X.
A $100 investment in Dogecoin at the time of writing could buy 563.3803 DOGE, based on a price of $0.1775. If Dogecoin can return to all-time highs, the $100 investment today would be worth $415.55.
This represents a hypothetical return of 315.6% from the current market price.
While there is no guarantee that Dogecoin will continue to go up in 2024 or in the future, investors could enjoy several more "Much Wow" moments.
Photo by Valerii Piankovskyi on Shutterstock
Read Next: How To Buy Dogecoin Loading… Loading…
