Meme crypto Dogecoin was one of the most talked about items in the investing world in 2021. While the coin no longer trends like it did in 2021 and isn’t the talk of the town, Dogecoin DOGE/USD could soon find itself trending and shooting higher on the heels of the one-year anniversary of some important dates.
What Happened: Dogecoin saw its two strongest months of 2021 in April and May, which could put the cryptocurrency back in the spotlight as the 2022 calendar hits April.
Dogecoin started April 2021 trading at $0.0536 and ended the month trading at $0.4377. The coin saw a public company shout out the crypto on its earnings call, with Conagra Brands Inc CAG highlighting how Dogecoin helped boost the Slim Jim brand’s social media following.
April 2021 also saw Benzinga’s most read article of the year with a look at how much a hypothetical investment in Dogecoin on Jan. 1, 2021 was worth after the recent run in the coin’s value.
Dallas Mavericks owner Mark Cuban highlighted how more people were using Dogecoin to pay for tickets and merchandise from the team.
Dogecoin was also added to Webull due to high demand.
The two biggest events for Dogecoin in April 2021 were likely Doge Day, which took place on April 20, 2021 and the announcement that Tesla Inc TSLA CEO Elon Musk would appear as the host of an episode of “Saturday Night Live” on Comcast Corp’s CMCSA NBC channel in May.
The month of May 2021 saw Dogecoin hit an all-time high of $0.7375 led by the appearance of Musk on “Saturday Night Live.” Shortly after, the coin fell and an announcement by Coinbase Global COIN that the crypto would be added to the popular trading platform couldn’t save a decline in the price.
Investing $100 In Dogecoin: Many in the Dogecoin community called for the cryptocurrency to hit $1. The price target was laughed at by many as it would give Dogecoin a huge market capitalization and comes from a crypto with unlimited supply.
Doge Day 2021 and Musk’s appearance couldn’t power Dogecoin to the $1 mark, could 2022 be any different?
The likelihood of Dogecoin hitting $1 comes with low chances, but a call for more retailers to accept Dogecoin and the potential for the community to rally behind Doge Day 2022 could help provide a chance in 2022.
Investing $100 in Dogecoin today could buy 712.25 DOGE based on the current $0.1404 price for the cryptocurrency.
If Dogecoin can hit the $1 level, the $100 investment in Dogecoin would be worth $712.25. This would represent a return of 612% on the current investment.
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