Anyone who follows cryptocurrencies has likely heard of Dogecoin (CRYPTO: DOGE). This digital asset was created as a joke in 2013. However, it has grown into one of the most valuable blockchain networks, amassing a market cap of $14.7 billion.
If you’d invested $10,000 in this popular meme token 10 years ago, here’s how much you’d have today.
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Dogecoin’s price has skyrocketed 25,910% in the past decade (as of June 18). This unbelievable gain would’ve turned a starting $10,000 investment into more than $2.6 million today. Investors who got in early were the ones who captured this enormous profit.
This cryptocurrency is currently trading 87% below its record, though, which was established in May 2021. Dogecoin rode the meme-stock craze that year, which also influenced the digital asset market, as retail investors were in a speculative frenzy. This clearly wasn’t a sustainable trend.
Looking ahead, it’s extremely challenging to be bullish about Dogecoin’s prospects. That’s because this cryptocurrency’s most pronounced tailwind, short-lived hype cycles, aren’t a fundamental catalyst to bank on in the long run.
Moreover, Dogecoin lacks any technical edge that can boost its ability to introduce valuable applications for its user base.
The next 10 years of returns for Dogecoin will likely look much worse than the past.
Should you buy stock in Dogecoin right now?
Before you buy stock in Dogecoin, consider this:
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