Coin World Report:
Dogecoin (DOGE) has become a news focus due to its recent price and network activity surge. In the past seven days, DOGE has skyrocketed by nearly 15% and 27% respectively throughout the month. Over the years, this asset has indeed experienced growth. Looking back, investing a substantial amount in DOGE years ago has translated into significant profits.
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The Growth of Dogecoin Over the Years
As of the time of writing, DOGE’s trading price stands at $0.1395 after surging 2% in the past 24 hours. Despite the recent surge, the OG meme coin is still 81% lower than its all-time high of $0.7376.
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Despite being seen as a joke, Dogecoin has witnessed tremendous growth. Looking back, about five years ago in 2019, a small investment of $100 would have brought life-changing returns for many. Calculations show that $100 would have turned into $5,400. The annual return rate is 122%, with a total return rate of 5,300%.
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While Dogecoin may not make someone a millionaire, the growth seen above is certainly significant. It also proves that holding assets for the long term can result in substantial gains.
Is it too late to buy Meme Coin now?
In 2024, Dogecoin may still be a wise investment. However, it is worth noting that it should only be part of an investment portfolio when investors are fully aware of all the potential risks associated with investing in the cryptocurrency industry.
Some continue to see the potential of the OG meme coin supported by Tesla’s Elon Musk. However, there are also those who point out that DOGE lacks utility, which is a major drawback of the network.
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Nevertheless, considering the overall picture, Dogecoin is a solid choice in the cryptocurrency asset realm, as it has a large and loyal community, a good reputation, a massive market capitalization, and is listed on multiple cryptocurrency exchanges. It possesses strong fundamentals and prospects for future price growth.