Key Factors
Dogecoin (CRYPTO: DOGE), the unique meme token was first created in 2013, making it one of many oldest cryptocurrencies. Regardless of important volatility and little real-world utility of Dogecoin’s blockchain community, the cryptocurrency continues to be one of many 10 largest on the earth by market cap at roughly $31.6 billion.
Dogecoin was launched as a joke and has at all times thrived on account of its virality, largely as buyers on social media and even celebrities embraced the token. Because the crypto sector has gotten a raise from President Donald Trump’s pro-crypto administration, Dogecoin has benefited and is up about 100% over the previous yr, persevering with what’s been a robust total run.
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If you’d invested $1,000 in Dogecoin 5 years in the past, this is how a lot you’d have at the moment.
Picture supply: Getty Photos.
Buyers have crushed it
Resulting from Dogecoin’s scale and the way well-known it’s worldwide, the token has usually moved in step with the crypto sector however at a better beta in comparison with the world’s largest cryptocurrency, Bitcoin. Because of this Dogecoin has carried out higher when Bitcoin and a lot of the crypto sector has risen, however worse so when Bitcoin and the sector has declined.
That stated, the large volatility has clearly benefited Dogecoin buyers over the longer five-year period.
Dogecoin Price information by YCharts.
As you’ll be able to see above, $1,000 invested in Dogecoin is now value over $60,000, which means the return is over an astonishing 6,000%. The broader benchmark S&P 500 index is up 87% over the previous 5 years, and far of this time has been characterised by a bull market.
Does this imply you should purchase Dogecoin?
I nonetheless assume the token is extraordinarily dangerous as a result of it has a considerable market cap, whereas its community doesn’t but have robust real-world utility. Dogecoin’s massive provide additionally doesn’t make it an excellent retailer of worth. Those that have gambled on the token over the previous 5 years have been properly rewarded, however I nonetheless would not make investments something greater than you’ll be able to afford to lose.
Do you have to make investments $1,000 in Dogecoin proper now?
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Bram Berkowitz has positions in Bitcoin. The Motley Idiot has positions in and recommends Bitcoin. The Motley Idiot has a disclosure policy.
