Dogecoin was launched in December 2013 as a parody of Bitcoin but quickly became a sensation in the cryptocurrency market. It was the first meme currency and attracted new and first-time investors into its fold through jokes and memes on the internet. The coin’s founders, Jackson Palmar and Billy Markus created DOGE for fun, but little did they know it could be worth billions. It turned out to be among the top 10 cryptocurrencies in the world, with a market cap of $60 billion.
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Early Dogecoin Investors Made Millions Today
Around 2013-14, Dogecoin was an obscure cryptocurrency with only a handful of people having knowledge about it. However, investors who threw in $460 sometime 10 years ago are now sitting on a million dollars. Yes, an investment of $460 made in December 2014 has become $1 million in the same month in 2024.
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That’s an uptick and return on investment (ROI) of approximately 219,000% in the span of a decade. Very few investments have turned $460 into $1 million in 10 years, and Dogecoin is one of the successful ones. Even leading stocks in both the US and the global markets have failed to deliver this much profit. Meme coins are in a league of their own and run on the whims and fancies of their community.
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Can The Meme Coin Rise Again?
While Dogecoin soared 219,000% in 10 years, can it repeat the feat in the next decade? It is highly unlikely that DOGE could rise another 219,000% by 2024 because its price would reach $876. The maximum the meme coin might rise is $1 to $2 and $3, but $876 seems impossible.
In conclusion, Dogecoin repeating its historical feat in the future is unlikely. Even with Elon Musk’s support, the maximum the meme currency could reach is somewhere between $1 to $3 by 2034.