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Could Dogecoin (DOGE) make you a millionaire?

Could Dogecoin (DOGE) make you a millionaire?

The cryptocurrency industry continues to suffer a bearish streak that has seen its market capitalization drop below the psychological threshold of $1 trillion, and Dogecoin (DOGE) is no exception, but the dog meme cryptocurrency has already made a fortune for some crypto traders and investors before, and many hope it could continue to do so in the future. 

Indeed, when it reached its all-time high (ATH) of $0.5697 in May 2021, thanks to Tesla (NASDAQ: TSLA) CEO Elon Musk tweeting about it at the time (and ever since), making some of its loyal ‘hodlers’ rich, it became clear that Dogecoin had bright future and more crypto enthusiasts jumped on the bandwagon.

DOGE-made millionaires

After the price of Dogecoin skyrocketed again in November 2022, there were over 1,000 DOGE-made millionaires. However, this number has declined since, dropping to around 600 addresses holding a balance of $1 million or more worth of DOGE, as per recent information retrieved from the crypto data tracking site on March 10, 2023.

DOGE-made millionaires. Source: BitInfoCharts

Dogecoin price analysis

As things stand, Dogecoin is currently changing hands at the price of $0.0648, recording a decline of 10.64% on the day, 19.79% over the week, and 30.37% in the past 30 days, reversing all gains accumulated since the year’s turn and threatening to erase more DOGE-made millionaires.

Dogecoin year-to-date (YTD) price chart. Source: Dogecoin

That said, despite the current downturn in the crypto market and the number of millionaires made by DOGE declining, this digital asset has a proven track record of being able to make its investors rich in the past, proving it has the capability to continue doing the same in the future.

All things considered, it ultimately boils down to careful investing strategies – observing the market conditions, how much one is willing or able to invest in the specific cryptocurrency, as well as how much it was worth at the moment of selling.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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