Cryptocurrency adoption continues to grow in 2021, with more than 300 million crypto users worldwide and 18,000 businesses already accepting crypto payments.
Although Bitcoin and Ethereum, the world’s largest digital coins, still hold the biggest ownership rates in the crypto space, Dogecoin climbed high on the list of the most popular crypto investments, with an impressive investment return.
According to data from Mejores Apuestas, a $1,000 investment in Dogecoin a year ago would be worth nearly $85,000 today.
Dogecoin’s price jumped 45 times in 2021
The meme-inspired digital coin came a long way since its beginnings in 2013. What started as a joke between the two IBM engineers became the world’s tenth-largest cryptocurrency, with a market cap of around $30 billion as of this week.
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Dogecoin’s recent price surge drew a lot of attention in the crypto space, making it the third most popular crypto to own in 2021 behind Bitcoin and Ethereum, both in the United States and the United Kingdom.
Assuming an investor bought $1,000 worth of DOGE coins tokens on September 20, 2020, they would have picked up 380,228 coins priced at around $0.0026.
However, the price of the original meme coin has exploded since then. Between January and March, it soared by nearly 1,000% to $0.054 and continued rising. Finally, on May 8, it hit an all-time high of $0.73, turning that $1,000 investment into almost $280,000.
Although Dogecoin’s price has dropped significantly since then, reaching around $0.22 this week, that is still 45 times more than in January.
Dogecoin market cap surged, surpasses Ethereum’s
Besides becoming one of the most popular cryptos to own, Dogecoin was also the second-fastest-growing digital coin in the crypto space this year, behind Solana.
In January, the combined value of all DOGE coins in circulation amounted to around $1.1 billion. However, after the tweets from Elon Musk and Snoop Dogg about the coin, this figure surged to $6.5 billion the next month.
On May 8, Dogecoin’s market cap hit an all-time high of $93.5 billion and then stumbled to $35.7 billion in just three weeks after the crypto price crash. According to data from CoinMarketCap, the combined value of all DOGE coins slipped to around $30 billion this week, still a massive 4,700% increase YTD, and 13 times more than the growth rate of Ethereum during this period.
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