Dogecoin has experienced tremendous growth over the last year – up from $0.0026 on 9 May 2020 to $0.7223 a year later.
This means a $1,000 investment in Dogecoin in May 2020 would now be worth $277,000.
Dogecoin was created by software engineers Billy Markus and Jackson Palmer as a payment system that is free from traditional banking fees.
Dogecoin’s protocol is based on existing cryptocurrencies Luckycoin and Litecoin which use scrypt technology in their proof-of-work algorithm.
Featuring the face of the Shiba Inu dog from the “Doge” meme as its logo, it was launched on 6 December 2013.
Unlike Bitcoin, there is no theoretical supply limit on the number of Dogecoins which can be in circulation.
While Dogecoin was started as a way to poke fun at some of the speculation in cryptocurrencies, its rapid price increase in 2021 is no laughing matter.
Dogecoin is now the fourth most valuable cryptocurrency in the world with a market cap of over $85 billion. Only Bitcoin, Ethereum, and Binance Coin have higher market caps.
To put Dogecoin’s market cap into perspective, it is more valuable than companies like Ford or Twitter.
The chart below shows the Dogecoin price growth over the last year.
The table below shows how much a $1,000 investment a year ago in various cryptocurrencies and tech companies are worth now.
|$1,000 investment in cryptocurrencies over 1 year|
|$1,000 investment in tech companies over 1 year|
Value of $1,000 invested 1 year ago:
Penn National: $4,700
The Gap: $4,375
— Jon Erlichman (@JonErlichman) May 8, 2021