As attention-grabbing as Bitcoin’s (BTC) rally to $100,000 and XRP’s above $2 was, various other tokens and meme coins have recorded stellar gains in 2024, with many rising well above their old highs.
The original meme coin, Dogecoin (DOGE), both is and isn’t an exception to this rule. The dog-themed cryptocurrency’s yearly surge would have generated exceptional returns to any investor, albeit less than an early 2021 purchase, followed by a cashing out in May of the same year.
Under the circumstances, even a relatively late DOGE investment made on January 1, 2021, would have generated a massive windfall by press time on December 13, so let’s break down the exact figures.
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The investment: $1,000 in DOGE on January 1, 2021
To begin with, Dogecoin was changing hands at the relatively low $0.005685 on January 1, 2021, while, by press time on December 13, 2024, DOGE price rocketed to $0.40381.
Considering the price dynamic, $1,000 invested into the meme coin at the start of 2021 would have ensured ownership of 175,901 DOGE. Said Dogecoin would be worth $70,978 this Friday, December 13, signaling an overall rise of 7,003.08% and a total profit of nearly $70,000.
As impressive as this performance is, traders who were savvy enough to spot the 2021 DOGE market top and sold in May could have – within mere months – turned $1,000 into an incredible $120,453.
If the time frame is shortened to the current bull market, Dogecoin entered 2024 trading at the modest price of $0.09206, and the year-to-date (YTD) chart reveals an annual rally of 352.14%.
This means a $1,000 investment made on New Year’s Day would have purchased just over 10,862 of the meme coin. At press time, the same number of Dogecoin would be worth an impressive $4,386.
Finally, despite DOGE’s stellar performance – whether purchased at the start of 2021 or only in 2024 – data shows it would not have been the best meme coin to hold long-term.
As Finbold calculated on December 12, 2024, a $1,000 investment in Shiba Inu (SHIB) made on January 1, 2021 would have grown to $172,888.
What is next for Dogecoin investors?
For investors who have already held on to Dogecoin for a long time, the prime question in late 2024 is likely whether it is worth keeping the meme coin in their portfolio.
While there is no clear answer to such a question – though all investors who purchased after May 2021 and before November 2024 would probably be wise to take at least some of the profit – there is a strong sentiment in the cryptocurrency market that the bull cycle is still only at its beginning.
Indeed, Dogecoin itself appears stable for the time being – though there is always some doubt if technical analysis (TA) even makes sense for such assets – as the relative strength index (RSI) at 55.23 shows it is neither ‘overbought’ nor ‘oversold.’
On the flip side, DOGE’s 17 green days out of the last 30 and overall optimistic investor sentiment serve as a testament to the strength of the recent rally and the confidence it will continue trading higher.
Furthermore, it is important to say that broader market factors also hint at persistent strength. For example, Bitcoin – usually the trendsetter for digital assets – is, by press time, widely expected to rally at least another 150% in 2025 to $250,000, indicating a broad uptrend.
Featured image via Shutterstock
