Two years ago, one of the hot topics on social media was Dogecoin. DOGO/USDa cryptocurrency meme.
In 2022, Dogecoin experienced less volatility, resulting in fewer social media mentions amid a cryptocurrency bear market, accelerated by several bankruptcies. 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 Cuban Marcos.
In 2022, Dogecoin was unable to continue its breakout and traded in a range of $0.04972 to $0.2032.
The cryptocurrency experienced 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 reached an all-time high of $0.7375 in May 2021, when Musk was the main guest host of an episode of "Saturday Night Live." Investors who bought Dogecoin shortly before the episode aired or in the latter part of 2022 may be down in their current position.
Here's a look at how it has fared for investors who got in early, back in early 2021, when Dogecoin was a major trending topic.
Related link: How to buy Dogecoin
Invest in 2021: If you were lucky enough to invest a bit of money in Dogecoin in early 2021, the cryptocurrency could be one of the best performing assets in your portfolio.
Dogecoin opened for trading on January 1, 2021 at $0.00468 and peaked at $0.005685 that day. An investment of $1,000 at that time could have bought 175,901 DOGE based on that day's highest price.
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% in the last two years and two months.
At its maximum 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 to say โMucho Wowโ.
Photo: AI generated on Shutterstock
