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By Chris Cattier
It was one of the top trending topics on social media two years ago Dogecoin: (CRYPTO:DOGE), a meme cryptocurrency.
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In 2022, Dogecoin’s volatility decreased, resulting in fewer mentions on social media amid a cryptocurrency bear market that was accelerated by the bankruptcy of several cryptocurrency platforms, as was the case. FTX:.
What happened
In 2021, Dogecoin became one of the largest cryptocurrencies with retail investors actively trading and discussing the coin. Publicly traded companies have been showing their support for the cryptocurrency, as have billionaires such as Tesla CEO, Elon MuskY: Mark Cuban.
In 2022, Dogecoin failed to continue its growth trajectory and traded between $0.04972 and $0.2032.
Cryptocurrency has made several leaps in 2022, including some notable moves related to the acquisition of Twitter. Musk.
Dogecoin reached an all-time high of $0.7375 in May 2021, when Musk was a special guest on an episode of Saturday Night Live. Investors who bought Dogecoin shortly before the episode aired or in late 2022 may be disappointed with their current position.
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Let’s take a look at the performance accumulated by investors who were early adopters of cryptocurrency in early 2021 when Dogecoin was a major trending topic.
Invest in Dogecoin in 2021
If you were lucky enough to be one of the people who invested some money in Dogecoin in early 2021, the cryptocurrency could be one of the best performing assets in your portfolio.
Dogecoin opened the day on January 1, 2021 at $0.00468 and hit a high of $0.005685 on the same day. At that time, a $1,000 investment could buy 175,901 DOGE based on the highest price of the day.
That $1,000 investment in Dogecoin would be worth $12,575.16 two years later, based on Dogecoin’s price of $0.07149 at the time of writing.
This represents a hypothetical return of 1,157.5% over the past two years.
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At a high of $0.7375, a $1000 investment in Dogecoin would be worth $129,726.99.
If you are an investor who bought Dogecoin in early 2021, whether you sold it at all-time highs or are still holding it, you will likely be very happy.
Via Benzinga Spain.
Photo by Kanchanara via Unsplash
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