What Would Be Your Return on Investment If You Put $10,000 Into Dogecoin in 2020?
Dogecoin, a cryptocurrency created as a joke, has seen remarkable success since its creation three years ago, with a $10,000 investment in the coin being worth an impressive $327,000 today. Despite the coin’s success, its price dropped by 60% in 2022 and investors are now wondering if it can return to its highs when the market turns positive again. Ultimately, the price of a cryptocurrency is determined by supply and demand, and Dogecoin has an infinite supply, which puts downward pressure on its price regardless of demand. Recent events have also caused a lack of trust in the cryptocurrency ecosystem, making it difficult to imagine a frenzied market like the one seen in 2021. Therefore, investors should approach Dogecoin with caution and not make it an important part of their portfolio.
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