Based entirely on the fact that Dogecoin has no real-world utility, I don’t recommend investors buy it . With the price significantly down from its recent high, scooping up this meme coin might seem like a low-risk move with big upside.
Read moreIs DOGE worth investing in 2021?
A $1,000 dogecoin purchase on Jan. 1, 2021 — at a price of less than a cent per coin — would be worth $121,052 at Wednesday’s high of 69 cents , a gain of more than 12,000% according to CNBC calculations.
Read moreWill Dogecoin ever hit a dollar?
DOGE is a lot closer to $1 today than it was at the start of 2021 . At the time of writing, it is trading at roughly $0.13 and would need to rise more than 669% to reach the dollar milestone. The DOGE price hitting $1 would give the cryptocurrency a total market cap of $131bn; the current dogecoin market cap is $17bn.
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