Dogecoin DOGE/USD was one of the most popular cryptocurrencies to take the world by storm in 2021. During that time, the meme coin was a trending topic as much as it saw its valuation rise. But since its peak, the value of the coin has fallen back to earth.
The coin is now back in the spotlight in April 2023 thanks to one of its biggest supporters.
Here’s a look at how much the coin could be worth if it returns to all-time highs or makes new highs.
What Happened: Dogecoin began trading at $0.0047 to kick off 2021. The coin quickly rose in interest and became a trending topic on Twitter and other social media platforms the first week of the year.
Dogecoin continued to rise throughout the first couple of months, bolstered from big names like Mark Cuban and Tesla CEO Elon Musk.
The cryptocurrency hit an all-time high of $0.7376 in May 2021. The rise to all-time highs coincided with Musk announcing his appearance on “Saturday Night Live,” a show that airs on NBC, a unit of Comcast Corp.
Dogecoin fell after Musk’s appearance, which featured several references to the crypto.
Dogecoin ended 2021 trading at $0.1705.
Then, in 2022 many major cryptocurrencies like Dogecoin fell with the bankruptcies of Celsius and FTX. Over the past 12 months, Dogecoin has traded between $0.0497 and $0.178.
The acquisition of Twitter by Musk in 2022 brought new life and attention to Dogecoin with many believing the new CEO and owner of the platform would push the meme crypto further into the platform.
On April 3, Musk changed the logo of Twitter to the Dogecoin logo, sending the price of Dogecoin significantly higher in a short amount of time.
While the picture change could simply be Musk fulfilling a promise he once made on Twitter, it could also be foreshadowing deeper ties to cryptocurrency on the social media platform.
Related Link: How To Buy Dogecoin
Here’s a look at how Dogecoin’s price today compares to all-time highs.
Investing $100 In Dogecoin: Dogecoin may have enjoyed its peak moment in 2021 and never reach all-time highs again.
The popular cryptocurrency could also shoot higher as more retailers begin to accept Dogecoin as a payment option.
Some Dogecoin supporters also see the link between Musk’s acquisition of Twitter and his integration of payments into the social media network as a potential win for Dogecoin.
A $100 investment in Dogecoin at the time of writing could buy 1,050.42 DOGE, based on a price of $0.0952. If Dogecoin can return to all-time highs, the $100 investment today would be worth $774.79.
This represents a hypothetical return of 674.8% from today’s price.
There is no guarantee that Dogecoin will go up in 2023 or in the future. Support from well-known people such as Musk could be a future catalyst to lift the price.