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One of the most popular cryptocurrencies took the world by storm in 2021. Dogecoin (CRYPTO: DOGE) was a trending topic many times as it saw its valuation rise.
Since its peak, the value of the coin has fallen back to earth. Here’s a look at how much the coin could be worth if it returns to all-time highs or makes new highs.
What Happened: Dogecoin began trading at $0.0047 to kick-off 2021. The coin quickly rose in interest and became a trending topic on Twitter Inc and other social media platforms the first week of the year.
Dogecoin continued to rise throughout the first couple of months, helped by support from big names like Mark Cuban and Tesla CEO Elon Musk.
The cryptocurrency hit an all-time high of $0.7376 in May 2021. The rise to all-time highs coincided with Musk announcing his appearance on “Saturday Night Live,” a show that airs on NBC, a unit of Comcast Corp.
Dogecoin fell after Musk’s appearance, which featured several references to the crypto.
Dogecoin ended 2021 trading at $0.1705.
Then, in 2022 many major cryptocurrencies like Dogecoin fell with the bankruptcies of Celsius and FTX. Over the last 12 months, Dogecoin has traded between $0.0497 and $0.178.
Related Link: How To Buy Dogecoin
Investing $100 In Dogecoin: Dogecoin may have enjoyed its peak moment in 2021 and never reach all-time highs again.
The popular cryptocurrency could also shoot higher as more retailers begin to accept Dogecoin as a payment option.
One of the big stories in 2021 was cryptocurrency trading platforms like Coinbase Global Inc (NASDAQ:COIN), eToro and others adding the coin due to user demand.
Some Dogecoin supporters also see the link between Musk's acquisition of Twitter and his integration of payments into the social media network as a potential win for Dogecoin.
A $100 investment in Dogecoin at the time of writing could buy 1,324.50 DOGE, based on a price of $0.0755. If Dogecoin can return to all-time highs, the $100 investment today would be worth $976.95.
This represents a hypothetical return of 877% from today's price.
There is no guarantee that Dogecoin will go up in 2023 or in the future. The support from well-known people like Musk could be a future catalyst to lift the price.