Dogecoin (CRYPTO: DOGE) has not been spared in the crisis that has enveloped cryptocurrencies in the wake of the liquidity crunch facing Sam Bankman-Fried-led firms FTX and Alameda Research.
The troubles at the beleaguered cryptocurrency exchange, FTX, intensified after Binance said it would not be acquiring the platform citing issues "beyond our control."
Bankman-Fried said on Wednesday that FTX "urgently needs" $8 billion to stave off bankruptcy, and he hoped to raise as much as $3 billion to $4 billion in equity.
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The Investment: DOGE has fallen 38.1% over the last week and over the course of 24 hours its price has dropped 7% to $0.08.
Before the FTX crisis unfolded, Dogecoin was buoyant — particularly at the beginning of the month when it hit the 15-cent mark. The rise in the price of memecoin came after Tesla Inc (NASDAQ:NASDAQ:TSLA) CEO completed the purchase of Twitter. There was speculation that Twitter could introduce a cryptocurrency wallet at the time.
If DOGE were to regain the levels seen on Nov. 1, here's how much an investor stands to gain if they invested $100 in the meme coin at the time of writing when it traded at $0.08.
| Dogecoin (DOGE) | Nov. 10, 2022 | $100 | $0.08 | 1213.30 | $190.73 | 90.73% |
The investor stands to gain 90.73% should DOGE regain its Nov. 1 price level and the $100 investment would turn into $190.73.
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