Dogecoin, the OG meme coin, is currently regarded as the “king of” meme cryptocurrencies. Dogecoin’s creators envisioned it as a fun, lighthearted cryptocurrency that would appeal to those outside of the core Bitcoin audience because it was based on a dog meme.
Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia, developed this open-source crypto currency, which forked from Litecoin in December 2013. Now, DOGE has a huge following, including the likes of Elon Musk, and a few companies are exploring options to make it usable in real life.
Tracking Patterns (Bitcoin – Dogecoin)
As we have seen before, back in 2014–15, the price of bitcoin was under the $500 mark, and it was being predicted that it would touch $1000-$2000 in the coming years. Some even predicted that Bitcoin would reach $3,000–4,000 in the coming years.
And we all know how it went down. The price of bitcoin crossed the $4000 mark in 2017 and touched a record high of $16,000 in 2018 (just 3 years later).
The OG Dogecoin is currently going through the same phase. At first, no one took DOGE seriously. Heck, most investors never thought that it could go mainstream. But, surprisingly, it did.
Not only did it gain attention, but it also reached a record high of $0.73 on May 8, 2021. Since then, it has plummeted due to crypto winter and the recent FTX-Alameda crisis, and is now worth $0.096 per dogecoin.
Most of the Dogelovers as well as many investors have predicted from time to time that it will touch the $1 mark in the coming years. And the self-proclaimed ‘Dogefather’, Elon Musk, has mentioned accepting DOGE as payment multiple times.
It would be huge if Elon Musk adopted this cryptocurrency as a payment option for any of his companies or products!
So, let’s assume that you buy $100’s worth of DOGE today at the rate of $0.09631 per DOGE. So, in total, you will have 1038.3137 DOGE coins.
If Dogecoin hits $1 in the next few years, your $100 will become $1038, more than 10X or 1000% ROI.
Similarly, if you invest $1000 in DOGE coins today, you will have around $10,383 when DOGE reaches $1.