Cryptocurrency Dogecoin (CRYPTO: DOGE), which started as a joke, was launched in 2013. While the cryptocurrency has been around for over 10 years, 2021 is considered the longest memorable year for Dogecoin, at least so far.
As Dogecoin begins to recover in 2024 after years of decline, here’s a look back at how much investors could have earned by investing in the coin in early 2021, when social media buzz, Google Trends spikes, and news Stock market listings fueled its rapid. increase.
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What happened: Dogecoin has become a huge scenario in 2021 with public figures like Elon Musk And Marc Cuban generate support and post positive thoughts about crypto on social media.
In early January, Dogecoin became a popular topic on social media platforms and saw an uptick in Google Trends.
Later in 2021, the demand for Dogecoin led to more cryptocurrency exchanges adding the coin to their platform, making it easier for investors to buy and hold Dogecoin than ever before. Often, the addition of Dogecoin to a new exchange or the announcement of its imminent inclusion has sparked a surge in the cryptocurrency’s prices.
Throughout 2021, Musk’s tweets would lead to increased trading activity and a rise in the price of Dogecoin.
Dogecoin reached numerous all-time highs throughout 2021, peaking at $0.7376 in May 2021, around the time Musk was the featured guest host on an episode of “Saturday Night Live.”
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Investors who purchased Dogecoin shortly before the SNL episode aired or at the end of 2021 could be down from their current position.
Here’s a look at how investors who got in early, in early 2021, when Dogecoin was a major trending topic, fared.
Investing $1,000 in Dogecoin: Investors who saw Dogecoin trending on social media at the start of the new year and placed a small bet on the cryptocurrency’s continued momentum would have been pleasantly rewarded.
Dogecoin opened on January 1, 2021 at $0.00468 and reached a high of $0.005685 that day. An investment of $1,000 at the time could have purchased 175,901.50 DOGE based on the highest price of the day.