Benzinga - Cryptocurrency Dogecoin (CRYPTO: DOGE) surged in popularity and interest in 2021 leading to an increase in the value of the meme cryptocurrency.
With Dogecoin trading well below the all-time highs set in May 2021, here’s a look at how much you would need to invest in DOGE today to become a millionaire if the coin can return to its high mark.
What Happened: Dogecoin began trading at $0.0047 to kick off 2021 and quickly rose in value after becoming a trending topic and seeing support from prominent figures like Mark Cuban and Elon Musk. The acquisition of social media platform Twitter by Musk in 2022 has led to several surges in the price of the popular meme cryptocurrency in the last 12 months.
Starting 2021 at less than a penny per coin, Dogecoin has risen and is now valued as the eighth largest cryptocurrency by market capitalization.
The coin trended on Google and social media and saw mentions by several celebrities, prominent business figures and even food brand Slim Jim.
The support of Dogecoin also led to cryptocurrency platforms adding the coin for trading due to high demand from customers.
Ultimately, Dogecoin hit an all-time high of $0.7376 in May 2021, a price that coincided with Musk appearing as the host of an episode of “Saturday Night Live.” During the episode, Musk mentioned Dogecoin.
Dogecoin fell in value after Musk’s appearance on “Saturday Night Live.” The coin ended 2021 trading at $0.1705, which was significantly higher than its opening value at the start of the year.
Bankruptcies of several cryptocurrency companies in 2022 sent the overall sector down and saw Dogecoin fall as well.
Over the last 52 weeks, Dogecoin has traded between $0.05574 and $0.1572.
Related Link: How To Buy Dogecoin (DOGE)
Becoming a Dogecoin Millionaire: In 2021, some cryptocurrency investors saw significant gains due to Dogecoin's impressive market movement. While those who still hold the crypto would be down from their potential profits, the trade could still be in the green depending on the purchase date.
With Dogecoin trading well below its all-time high, here’s a look at what an investor would need to do today to become a future millionaire based on the cryptocurrency.
If Dogecoin returns to an all-time high of $0.7376, a holder would need to have 1,355,748.37 DOGE to be a millionaire.
Today, the 1,355,748.37 DOGE can be purchased for $88,774.40. This represents the cost today to become a future millionaire if Dogecoin can return to all-time highs.
There is no guarantee that Dogecoin will go up in 2023 or in the future. Support from well-known people such as Musk could be a future catalyst to lift the price.
Dogecoin is down 8.1% year-to-date in 2023, trailing the gains seen by top cryptocurrencies Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), which are up 82% and 56% respectively.
Read Next: 5 Things You Might Not Know About Kabosu, The Good Boy That Inspired Dogecoin
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