If You Invested $1,000 in Dogecoin on Jan 1, 2021, Would You Be In Profit?

Dogecoin was the superstar crypto in 2021 after Tesla CEO Elon Musk announced that he invested in the meme-coin. The meme-coin basked in the limelight the whole year signaling that the sun would never set on its fame. However, what goes around comes around, and that is a certainty that is unavoidable in the crypto and stock markets.

Early investors turned into millionaires when Dogecoin breached the $0.01 milestone in early 2021, but the late entrants suffered losses thereafter. The meme-coin went on a downward spiral after reaching its ATH of $0.73 in May 2021.

Source: CoinGecko.com

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If You Invested $1,000 in Dogecoin on January 1, 2021, How Much Would You Have Now?

Dogecoin Doge
Source: DailyHodl.com

Dogecoin was trading at $0.005 on January 1, 2021, and you could purchase 200,000 DOGE for $1,000 back then. Fast-forward to today and two years later in 2023, Dogecoin is trading at $0.07. Therefore, the same $1,000 investment in DOGE in January 2021 has turned into $14,700 two years later in 2023.

That’s nearly a profit of 1,470% in two years which is quite impressive despite the bearish market conditions.

Dogecoin price on January 1, 2021 – $0.005. (Source: CoinMarketCap.com)

Also, when Dogecoin reached its all-time high of $0.73 in May 2021, the same $1,000 ballooned to $130,000. That’s an impressive 13,000% rise from January 1, 2021, to May 8, 2021, in less than six months.

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Nonetheless, Dogecoin is finding it hard in reclaiming its previous glory as its hype fizzled down in 2022. The meme-coin is mostly trading backward since last year due to the bearish market conditions.

At press time, Dogecoin was trading at $0.07 and is up 1.6% in the 24 hours day trade. It is down 89.9% from its all-time high of $0.73, which it reached in May 2021.