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Market participants committing $1,000 to Dogecoin today could see their portfolio multiply nearly 11-fold if the meme coin attains $4.35.
Interest in Dogecoin (DOGE) among crypto market participants reached a new height in the past few weeks. This follows Dogecoin’s spectacular price pumps following the U.S. presidential election.
Since November 5—the day of the election—when Dogecoin was priced at just $0.1582, the meme coin has seen a 175% increase, reaching $0.4359. According to a recent analysis by Santiment, over 74,800 wallets, mostly retail investors, have joined the Dogecoin ecosystem in the past few weeks, accumulating around 100,000 tokens.
While Dogecoin’s sensational bull run has cooled, with the coin now trading at $0.3607, market participants expect DOGE to make a comeback and eventually hit the long-awaited $1 price point.
Amid this anticipation, The Crypto Basic explores how much a $1,000 investment in Dogecoin today could be worth if the asset reaches higher price levels like $2.55 and $4.35.
Value of $1,000 in Dogecoin If DOGE Hits $2.55
With Dogecoin trading at $0.3607, a $1,000 investment today would buy an investor 2,772 DOGE tokens. If DOGE reaches $2.55, the value of this $1,000 investment will rise to $7,069. This results in a massive 606% gain or a 6x return on investment.
Can Dogecoin Reach $2.55?
Researchers at Changelly, a cryptocurrency exchange, believe Dogecoin could reach this price point. However, the analysts projected an eight-year timeline for DOGE to hit $2.55.
Notably, this analysis was published before Dogecoin began its explosive price movement earlier this month. Remarkably, the report accurately predicted that Dogecoin would reclaim the $0.30 threshold this month.
Meanwhile, some independent analysts in the crypto community believe DOGE could reach $2 in the coming weeks.
Value of $1,000 in Dogecoin If DOGE Hits $4.35
Meanwhile, if Dogecoin hits $4.35, the 2,772 DOGE tokens purchased today for $1,000 would be worth $12,058. This would represent a staggering 1,105% gain for investors who buy DOGE at current prices.
When Can Dogecoin Hit $4.35?
According to Changelly analysts, Dogecoin could take up to nine years to reach $4.35. However, crypto community analyst Ali Martinez has predicted that Dogecoin could reach as high as $18, or even $23, as soon as next year. Martinez based this forecast on historical trends in Dogecoin’s price movements.