$1,000 Dogecoin Investment On Jan. 1 Could Buy You A Tesla Model S — But Holding This Crypto Would Have Gotten You 4
Dogecoin (DOGE) rally in 2021 so far means that a $1,000 investment at the start of the year would pretty much enable a holder to now buy a Tesla Inc (NASDAQ:TSLA) Model S electric vehicle. Yet, while the meme cryptocurrency is hounding all the attention, there are others that are far outpacing its year-to-date gains.
One With DOGE: On Jan 1. DOGE traded at $0.004681, which means $1,000 would have translated into 213,629.56 DOGE.
At press time DOGE traded 12.85% higher at nearly $0.33 on a 24-hour basis. This means the person’s coin holdings would be worth $70,497.75.
In terms of gain, this is an appreciation of 6,949.77% since the year began. This beats Bitcoin’s (BTC) 96.28% YTD gains. BTC traded 3.29% lower at $57,250.42 at press time.
In California, a Model S Long Range is sold for $72,990 after factoring in Clean Fuel Reward and other potential incentives. Without these incentives, the vehicle is available for $79,990.
Depending on individual situations, a person could nearly buy a Model S with the investment from the Elon Musk-led company.
See Also: How to Buy Dogecoin (DOGE)
Two With OMI: ECOMI (OMI), the token associated with a Singapore-based digital collectible marketplace has shot up 33,967.54% since the first day of this year.
OMI traded at $0.000034 on Jan 1. An investor would have received 29,411,764.71 OMI for $1,000 at the beginning of 2021.
At press time, OMI traded 6.54% lower over a 24-hour period at $0.0007297. This means the tokens would be worth $212,676.47.
In terms of Model S vehicles, the investor could easily buy two Model S Standard Range vehicles with or without subsidies and have some funds left over.
Four With CVNT: Content Value Network (CVNT), the token associated with content distribution platform Collective Conscious Network, has risen 33,867.54% since Jan 1.
On that day, $1000 would have fetched an investor 146,842.87 CVNT as the cryptocurrency traded at $0.01 per unit.
At press time, CVNT traded 7.75% lower in a 24-hour period at $2.29. Today those coins would be worth nearly $340,675.47.
This effectively means the person could have purchased four Model S vehicles with or without subsidies and still have spare change left.
Benzinga's Take: Just because you can buy a car with your cryptocurrency returns does not mean it is always a good idea to do it. Dogecoin co-creator Billy Markus sold all his DOGE and cryptocurrencies in July 2015 for an amount equivalent to a used Honda Civic vehicle, which could have netted him millions as of press time.
Photo: Courtesy of Tesla
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