Cryptocurrencies are surging this week. Investors and lovers of crypto were excited as the cryptocurrency exchange Coinbase made its public debut on the Nasdaq Wednesday, sending Bitcoin and Ethereum to record-highs. However, BTC and ETH aren’t the only digital currencies flying to the moon.
Dogecoin, the Shiba Inu dog- themed cryptocurrency, has passed 10 cents for the first time and seems to be on its way to 28 cents. If you invested $1000 in Dogecoin on January 1, 2021, you would have purchased 175,901 Dogecoin. At the time I’m writing this newsletter, 1 Dogecoin is worth about $0.25. Your $1000 investment at the beginning of the year would now be worth over $40,000. If you were lucky enough to invest a small amount of capital in Dogecoin at the start of 2021, the cryptocurrency might be one of your portfolio’s strongest performers.
Dogecoin’s rise is interesting — the digital currency initially started as a joke but has skyrocketed over 90% in the last 24 hours and over 2000% since the beginning of the year. The currency has gained almost cult status on Reddit and has gained a sizable amount of celebrity endorsements.
Tesla CEO Elon Musk is a big fan of Dogecoin, occasionally tweeting out about it, which seems to drive up its value. Owner of the Dallas Mavericks, Mark Cuban, has given his endorsement of the currency and says the Mavericks have sold over 122,000 Dogecoin in merchandise. And restaurateur Guy Fieri has taken to Twitter to tweet pictures of himself as an astronaut holding a Dogecoin. Dogecoin to the moon?
Today’s special mention goes out to Fantasy Finance user @brantgilpin for closing their trade in Ripple USD resulting in a massive 833% gain in 12 days!
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.