Benzinga - Dogecoin (CRYPT:DOGE) surged in popularity and interest in 2021 leading to an increase in the value of the meme cryptocurrency. The crypto has fallen since reaching its all-time high in 2021, amid cryptocurrency companies going bankrupt, volatility of the crypto market and a surge of interest in other meme cryptocurrencies.
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. After months out of the limelight, Dogecoin saw increased interest in April thanks to Musk.
The acquisition of social media platform Twitter by Musk in 2022 brought new life and attention to Dogecoin, with many believing the new CEO and owner of the platform would further promote the meme crypto on Twitter.
On April 3, 2023, Musk changed the logo of Twitter to the Dogecoin logo, sending the price of Dogecoin significantly higher in a short amount of time.
While the picture change could simply be Musk fulfilling a promise he made on Twitter, it could also be foreshadowing deeper ties to cryptocurrency on the social media platform.
Musk’s support for Dogecoin over the years hasn’t gone unnoticed, with many tweets or comments on the meme crypto by the Tesla and Twitter CEO often leading to increases in the valuation of DOGE.
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 episodes, Musk even mentioned Dogecoin.
Dogecoin fell in value after Musk’s appearance on “Saturday Night Live.” The coin ended 2021 trading at $0.1705, significantly higher than the beginning price at the start of the year.
In 2022, Dogecoin suffered alongside the volatile cryptocurrency industry, as many major cryptocurrencies fell after companies like Celsius and FTX declared bankruptcy.
Here’s a look at what happens to Dogecoin from here if it can return to all-time highs.
Related Link: How To Buy Dogecoin
Investing $100 In Dogecoin: The possibility exists that Dogecoin may have enjoyed its peak moment in 2021 and will never reach all-time highs again.
The popular cryptocurrency could also shoot higher as more retailers begin to accept Dogecoin as a payment option or the crypto gets integrated into social media platforms like Twitter.
A $100 investment in Dogecoin at the time of writing could buy 1,343.18 DOGE, based on a price of $0.07445. If Dogecoin can return to all-time highs, the $100 investment today would be worth $916.97.
This represents a hypothetical return of 817% from today’s price.
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.
Read Next: Dogecoin Rockets Higher After Elon Musk Sets Good Boi As Twitter's Logo: What's Next For The Crypto?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.