If You Invested $1,000 in Dogecoin on Jan 1, 2021, Would You Be In Profit?

Vinod Dsouza
Source: Pixabay

Dogecoin was the superstar crypto in 2021 after Tesla CEO Elon Musk announced that he invested in the meme-coin. The meme-coin basked in the limelight the whole year signaling that the sun would never set on its fame. However, what goes around comes around, and that is a certainty that is unavoidable in the crypto and stock markets.

Early investors turned into millionaires when Dogecoin breached the $0.01 milestone in early 2021, but the late entrants suffered losses thereafter. The meme-coin went on a downward spiral after reaching its ATH of $0.73 in May 2021.

Source: CoinGecko.com

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If You Invested $1,000 in Dogecoin on January 1, 2021, How Much Would You Have Now?

Dogecoin Doge
Source: DailyHodl.com

Dogecoin was trading at $0.005 on January 1, 2021, and you could purchase 200,000 DOGE for $1,000 back then. Fast-forward to today and two years later in 2023, Dogecoin is trading at $0.07. Therefore, the same $1,000 investment in DOGE in January 2021 has turned into $14,700 two years later in 2023.

That’s nearly a profit of 1,470% in two years which is quite impressive despite the bearish market conditions.

Dogecoin price on January 1, 2021 – $0.005. (Source: CoinMarketCap.com)

Also, when Dogecoin reached its all-time high of $0.73 in May 2021, the same $1,000 ballooned to $130,000. That’s an impressive 13,000% rise from January 1, 2021, to May 8, 2021, in less than six months.

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Nonetheless, Dogecoin is finding it hard in reclaiming its previous glory as its hype fizzled down in 2022. The meme-coin is mostly trading backward since last year due to the bearish market conditions.

At press time, Dogecoin was trading at $0.07 and is up 1.6% in the 24 hours day trade. It is down 89.9% from its all-time high of $0.73, which it reached in May 2021.