With 2024 already nearing the end of its first quarter, it has been particularly generous to the cryptocurrency market, including Dogecoin (DOGE), and investors are wondering if they should have bought into the popular dog-themed meme coin back in January.
As it happens, they should have, as it would have brought them substantial profits. Specifically, under the confluence of various positive factors, Dogecoin has gained over 90% to its price since the year’s start, increasing from $0.08947 on January 1 to the current $0.17088 as of March 12.
Successful year
Specifically, DOGE has made several notable jumps in 2024, starting with surpassing the first major resistance and psychological price mark at $0.10 in late February, after which it continued its steady path upward, which culminated at $0.20 on March 5, before consolidating in the $0.17 area.
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These gains have coincided with the overall bullish sentiment in the crypto sector but also followed the positive developments in the Dogecoin ecosystem that have seen the fastest growth rate in the number of DOGE crypto wallets in history and over 1 million daily transactions in February.
On top of that, the network has entered the final stage of the Dogecoin Core 1.14.7 release plan that anticipated an approval of French-Canadian translation, Arabic translation, and an updated WSL (Windows subsystem for Linux) build guide, as DOGE core developer Patrick Lodder announced on February 25.
What would $1,000 in DOGE be worth now?
In other words, an investment of $1,000 in the Tesla CEO Elon Musk’s favorite crypto asset back when it stood at $0.08947 on January 1, 2024, would today, 10 weeks later, be worth more than $1,909, according to the most recent price data retrieved by Finbold on March 12.
Indeed, DOGE was at press time changing hands at the price of $17088, recording a decrease of 3.43% in the last 24 hours, as well as a drop of 5.42% across the previous seven days but nonetheless advancing 106.77% over the past month and growing 89.05% since the year’s start.
All things considered, investors who bought $1,000 worth of DOGE in early January would be making a massive profit if they sold them now. However, doing one’s own research before investing a substantial amount of money in any asset (or before selling it) is crucial.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
