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According to MarketWatch calculations, a $ 1,000 investment in Dogecoin earlier this year would be worth more than $ 68,500 at the moment.
April 20 is regarded by Dogecoin’s supporters as the digital currency’s day. Originated as a joke inspired by the “Doge” photo, Dogecoin has gained popularity since the end of 2013 before exploding this year and becoming a top 10 digital currency with a market cap. 40 billion USD. It can be said that Dogecoin is one of the popular digital currencies not inferior to Bitcoin or Ethereum.
Dogecoin’s recent growth is partly due to the support of individual investors on a number of social media platforms such as Reddit, Discord, and Twitter. That pushed the price of Dogecoin to record highs.
Dogecoin is up more than 8,038% this year, data from CoinDesk shows. At one point, this virtual currency hit the highest threshold of about 42 cents / dong, thereby raising the market value to nearly $ 50 billion while creating a number of paper millionaires.
Dogecoin outperformed many other assets in the market. Specifically, the price of gold futures decreased by more than 6%, the Dow Jones index and the S&P 500 index increased by more than 10% so far. Meanwhile, the Nasdaq Composite Index rose 7.5%.
Based on MarketWatch’s calculations, Dogecoin’s starting price was 0.005405 cents / dong earlier this year, and with the current trading at 37 cents per coin, investors can profit 6,850 times. In other words, a $ 1,000 investment in Dogecoin from the beginning of the year will yield $ 68,500.
Even so, this doesn’t seem to be enough to please Dogecoin’s supporters. On the Reddit forum, some people even want to push the Dogecoin value to $ 1 / dong. Just last week, this digital currency was trading at 9 cents / dong.
The New York Times recently reported that Dogecoin supporters are starting to use the DogeDay and Doge420 hashtags to promote the digital currency’s day on social media.
Another factor contributing to Dogecoin’s price surge is the successful listing of cryptocurrency exchange Coinbase last week and is valued at almost $ 90 billion. Immediately, a series of virtual currencies “competed” to set top on the market, from Bitcoin to Ethereum, Dogecoin and some other coins.
On April 16, the value of Dogecoin increased by more than 100% after billionaire Elon Musk posted the status “Dog barking the moon” with the painting of the same name by artist Joan Miro on Twitter.
In fact, this isn’t the first time Musk tweets have increased Dogecoin’s value. In February, the coin surged 55% after Tesla boss posted a Twitter survey of the world’s currency. Then he wrote: “Dogecoin is people’s digital currency”.
Some famous people including rapper Snoop Dogg, rock band Kiss Gene Simmons and billionaire investor Mark Cuban have also touted investing in Dogecoin.
However, crypto experts warn that Dogecoin is still limited compared to other decentralized assets like Bitcoin.
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