Dogecoin (CRYPTO: DOGE), created by Billy Markus and Jackson Palmer, is a cryptocurrency created as a joke, based on the "Doge" meme, humoring the speculative nature of cryptocurrencies. The infamous memecoin later exploded, becoming a top 10 cryptocurrency in early 2021.
At its peak, Dogecoin had a market capitalization of more than $88 billion, fueled by the memetic culture surrounding the coin.
Dogecoin currently trades at a price of $0.05654, down from its all-time high of more than $0.688833 in May 2021.
People who invested $1,000 in Dogecoin at $0.0136, would have $50,000 at its peak. Its bullish rally in May 2021 can be attributed to Elon Musk’s vocal support for the token as well as it being accepted by some major companies as a means of payment.
In order for a current investment of $1,000 to reach $50,000, Dogecoin would have to reach a price of $2.75. Furthermore, if $1,000 was invested at $0.00112, an investor would currently hold $50,000.
As uncertainties prevail in the cryptocurrency markets, the speculative and satirizing nature of Dogecoin has caused it to fall more than 91% from its all-time high.
