Benzinga - Throughout 2022, Dogecoin (CRYPTO: DOGE) has experienced a gradual decline, interrupted only by a few sporadic spikes primarily triggered by tweets from renowned entrepreneur Elon Musk, a vocal supporter of the popular meme-based cryptocurrency.
What Happened: Yet, amid its ups and downs, Dogecoin hit a significant milestone in May 2015 when its price briefly plummeted to $0.0000869, the lowest level since its creation.
Originally launched in December 2013 by software engineers Jackson Palmer and Billy Markus, Dogecoin was intended as a lighthearted, sarcastic take on cryptocurrencies, employing a meme-inspired approach. The Shiba Inu dog, which gained prominence as an online meme in 2013, served as the emblem for this unconventional digital coin.
Back in December 2013, Dogecoin began trading at approximately $0.00058. While it briefly reached the coveted one-cent mark in early 2018, it soon reverted back, extinguishing hopes of a sustained ascent. However, everything changed in February 2021 when DOGE experienced a massive price surge, soaring to $0.072 and capturing the attention of both crypto enthusiasts and the general public.
Statistics from the U.S. Bureau of Labor Statistics 2023, show that over 43% of employers in the country issue biweekly payroll payments.
Will The SEC Finally Approve Long-Awaited Bitcoin Spot ETF? Ask industry experts directly at Benzinga's Future of Digital Assets event happening in NYC on Nov. 14, 2023. Be a part of the discussions where you won't just be a passive spectator. Don't let this chance slip away – secure early bird discounted tickets now!
See More: A Stay At The Floating Palace From James Bond's ‘Octopussy
Why It Matters: Consider this hypothetical scenario: someone who diligently invested $10 biweekly in DOGE from its lowest price point in 2015. Over time, their cumulative investment would amount to $22,000.00. Astonishingly, their portfolio would now be valued at $1.92 million reflecting an extraordinary increase of 8660.16%.
This outcome is the result of employing the Dollar Cost Averaging (DCA) approach, which involves consistently investing equal amounts of money at regular intervals into a financial asset.
Price Action: At the time of writing, DOGE was trading at $0.061, up 1.48% in the last 24 hours, according to Benzinga Pro.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.