Benzinga – When cryptocurrency was getting its footing 10 years ago, it was only used by niche internet communities. A handful of users put money into tokens and have held them for years, creating a huge amount of wealth.
Over the past decade, many cryptocurrencies have seen big returns on investment, turning pocket change into millions of dollars. One of these original cryptocurrencies is Dogecoin (DOGE).
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DOGE was created in 2013, and its price remained relatively constant until 2021. Around this time, the token took off on social media and received praise from Tesla Inc. CEO Elon Musk. This caused the price of DOGE to skyrocket from less than a penny to nearly $0.75 in less than four months — a gain of over 13,000%.
While the price of DOGE has fallen considerably since 2021 highs, the price has seen strong resistance around the $0.12 level and has performed well in 2024.
A decade ago, the price of DOGE went as low as $0.0001. In 2024, the price of DOGE went as high as $0.23 — a gain of nearly 230,000%. Additionally, from lows 10 years ago to all-time highs (ATHs) in 2021, the price increased by 740,000%.
These unprecedented gains are among the highest in the world in the same period. A $100 investment in 2014 would have been worth $740,000 in 2021 and $230,000 in 2024.
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One investor had the foresight (or perhaps the stupidity) to see potential in DOGE back in 2014. The Cryptsy wallet purchased 5 billion DOGE in early 2014 for $4 million. The purchases allowed the owner to amass 3.49% of the entire DOGE supply. The wallet’s owner has not sold any of the tokens since, and the portfolio’s value has fluctuated along with the price of DOGE. At highs, the wallet held more than $3.5 billion of DOGE. It’s now worth around $700 million.
DOGE’s market cap also went from less than $10 million in 2014 to more than $30 billion in 2024. At its peak in 2024, DOGE had a larger market capitalization than some of the largest companies in the world, including HP Inc. (NYSE:HPQ), eBay Inc. (NASDAQ:EBAY) and DraftKings Inc. (NASDAQ:DKNG).
DOGE has been one of the most interesting stories of the past decade, bringing in tens of billions in investment while offering virtually no value to users. The token has created millionaires and billionaires seemingly out of nothing. It will be interesting to see what the future holds for DOGE, particularly regarding the price of the token.
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© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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