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Investors would require thousands of Dogecoin tokens to turn a $10,000 investment into $1 million should the price of DOGE hit $15, $33, or $57.
The broader crypto market has remained in bearish territory over the past few weeks, with the effect reflecting in Dogecoin’s (DOGE) price action.
Investors Optimistic Despite DOGE’s Recent Decline
Last week, the leading meme-based cryptocurrency crashed below the $0.15 price mark for the first time in four months. On March 11, according to data from CoinMarketCap, the price of DOGE dipped to $0.146 per token. This represents a 68.93% decline from the token’s December peak of around $0.47.
At the moment, DOGE has recovered some of these losses as it changes hands at $0.19. It is currently ranked as the ninth-biggest cryptocurrency, boasting a market cap of $26.05 billion.
Even though the bull market has been relatively slow, investors are optimistic about DOGE’s prospects due to the positive developments surrounding the token. Specifically, institutional investors are showing strong interest in DOGE, with top asset managers filing to launch spot Dogecoin ETFs.
Many expect the approval of these financial instruments to attract huge capital into the Dogecoin ecosystem, potentially taking DOGE’s price to loftier targets like $15, $33, or $57.
DOGE to $15, $33, or $57
These targets are much higher than DOGE’s all-time high price of $0.7376, set on May 8, 2021. Hitting the $15, $33, or $57 price targets would require DOGE to rise 8,791%, 19,461%, or 33,687% from its current price, respectively.
Interestingly, several crypto experts believe Dogecoin can achieve these milestones. According to popular market chartist, Ali Martinez, the potential approval of Dogecoin ETFs could send the price of DOGE to around $15. In addition, experts atthe crypto trading platform Changelly speculated that DOGE will hit the $15 target by February 2040, almost 15 years from now.
Changelly also projects that DOGE will reach the ambitious target of $33 two months after hitting $15 by April 2040. Lastly, the experts believe the $57 price target will become a reality for DOGE by July 2040.
As these predictions gain momentum, we analyzed how investors can turn an investment of $10,000 into $1 million if DOGE reaches any of these ambitious targets.
How Many DOGE Tokens Are Needed to Turn $10K Investment Into $1M at $15, $33, or $57
A $10,000 investment in DOGE could be a big deal for many investors, especially low-income earners. Nonetheless, this $10,000 investment might sound modest compared to the dazzling promise of $1 million.
Making $1M at $15
Investors looking to make $1 million if DOGE reaches a price target of $15 would need to hold 66,667 DOGE. This assumes that the investor purchased each token at $0.15, bringing the total investment to $10,000. However, at the current exchange rate of $0.1687, this portfolio of 66,667 DOGE costs about $11,247.
Becoming a Millionaire at $33
People seeking to make a return of $1 million through Dogecoin investment at a target price of $33 need to have 30,304 DOGE in their blockchain wallets.
It costs about $0.33 per token to purchase 30,304 DOGE with a capital of $10,000. However, at the current price, a portfolio of 30,304 DOGE is worth around half the price—$5,112.
Dogecoin Millionaire at $57
Lastly, those aiming to become millionaires through Dogecoin at an ambitious target of $57 require fewer tokens. For a portfolio to be worth $1 million at a target price of $57, it must contain 17,544 DOGE.
This implies that each token was acquired at $0.57 on a $10,000 investment. With Dogecoin trading at $0.1687, these 17,544 DOGE tokens cost about $2,960.
While several investors can purchase these tokens in one transaction based on their financial prowess, others could leverage the popular DCA (dollar-cost averaging) strategy to acquire the tokens at intervals. The good news is that DOGE is trading at a discount, making it easier for investors to acquire the asset at lower prices.