Dogecoin (DOGE) has been in the news for its recent price and network activity uptrends. Over the past seven days, DOGE has surged by nearly 15% and 27% throughout the month. The asset has certainly grown over the years. Looking back, investing a dainty amount in DOGE a few years ago would translate to major gains.
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Dogecoin’s Growth Over The Years
At press time, DOGE was trading at $0.1395 following a 2% spike in the past 24 hours. Despite its latest spikes, the OG meme coin remains 81% below its all-time high of $0.7376.
Despite being viewed as a joke, Dogecoin has witnessed immense growth. Looking back, a small investment of $100 about five years ago in 2019 would have brought about life-changing gains for many. According to calculations, $100 would have turned into $5,400. That’s a 122% yearly return or a 5,300% total return.
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While Dogecoin cannot make millionaires, the uptick seen above is certainly significant. This also proves that holding an asset for a long time can bring notable gains.
Is It Too Late To Buy The Meme Coin?
In 2024, Dogecoin may still be a wise investment. However, it is important to note that it should be part of an investment portfolio only if investors are fully aware of all the possible risks of investing in the cryptocurrency industry.
Several continue to see potential in the OG meme coin, which is backed by Tesla’s Elon Musk. But a few others have been pointing out that DOGE lacks utility, a major shortcoming of the network.
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But, all things considered, Dogecoin is a good option when it comes to cryptocurrency assets since it has a large and devoted community, a solid reputation, a large market capitalization, and listings on several cryptocurrency exchanges. It has strong fundamentals and prospects for future price growth.