UPDATE (10:12pm ET): Since the time of publication, Dogecoin has risen 24% to $0.2324. $1,000 invested on Jan. 1, 2021 would now be worth $40,879.29.
Dogecoin DOGE/USD continues to trade higher in 2021. The “meme currency” has trended on Twitter TWTR throughout 2021 with #dogecoin and #dogetothemoon among trending topics.
Traders have also pushed for Dogecoin to go to $1.
Dogecoin does not have a limited supply like other cryptocurrencies like Bitcoin. The cryptocurrency has limited use but that hasn’t stopped traders from taking a small position in the meme currency. The Dallas Mavericks even began accepting Dogecoin as a payment option at games in 2021.
Some of the swings in the cryptocurrency have been fueled by Tesla Inc TSLA CEO Elon Musk who has posted about Dogecoin and shared memes of the cryptocurrency featuring a Shibu Inu dog.
Musk has tweeted about Dogecoin several times, pumping the cryptocurrency's price to new all-time highs. On March 12, Musk encouraged Coinbase to add Dogecoin to its platform, and on April 1 Musk tweeted that he will be sending "a literal Dogecoin to the literal moon." Although this is likely just an April Fool's joke, Dogecoin still rose about 32% following Musk’s tweets.
Investing In 2021: If you were fortunate to throw a little money into Dogecoin at the beginning of 2021, the cryptocurrency could be one of the best performing assets in your portfolio.
Dogecoin opened for trading on Jan. 1 at $0.00468. If you had invested $1,000 in Dogecoin at the highest price on Jan. 1 of $0.005685, you would have bought 175,901 Dogecoin.
Based on a price of $0.187 on Thursday, that same $1,000 investment would now be worth $32,983. Not a bad return for investing or buying a meme currency.
Performance: Dogecoin is up 45% to $0.187 at publication time. The cryptocurrency has a market cap of more than $22.7 billion, according to AssetDash.com.
Dogecoin ranks number 541 on the site’s list of stocks and cryptocurrencies by market capitalization. Bitcoin has a market capitalization of $1.2 trillion. Ethereum has a market capitalization of $289 billion.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.