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Dogecoin price growth over the year allowed cryptocurrency to outpace the capitalization of the largest energy company

Date: 05.05.2021

Imagine that an alleged investment in a digital currency called Dogecoin of just $ 1,200 today would be a whopping $ 400,000. This is how much your funds would increase if you invested money in the spring of 2020.

The profitability of this investment is due to the large jump in prices for the currency, which has raised its value to almost one dollar. The coronavirus pandemic that has shocked the entire world has given rise to some of the citizens of the United States of America. The government of the country allocated each person 1,200 dollars, which people could spend on their own needs: buy food, water, and other necessary things for the period of inoperability. At the same time, some of the citizens invested the funds received in cryptocurrencies: Bitcoin and Ethereum.

The importance of investing money correctly can be seen in the example of the Dogecoin meme currency. Back in the spring, in April 2020, the cost of one token was approximately $ 0.0019, which was not an impressive and attractive value. However, in about one year, its course just took off. In percentage terms, the rise in price is estimated at 36.750%, which was an unpredictable turnaround. Thus, with the funds received by the state, it was possible to receive about $ 440,000 at the rate of $ 0.7 for one digital dog-token.

However, this currency was not attractive for investment and was not popular, so the chances that someone invested in it is very small. The coin was launched back in 2013, but despite this, it became popular much later, only a couple of years ago. Such attention to her was due to the numerous tweets of the world famous Tesla representative Elon Musk. It was this person who began by all means to support the cryptocurrency and popularize it, to increase awareness. Famous rapper Snoop Dogg and billionaire investor Mark Cuban also followed suit. It was thanks to these people that some companies even created a separate payment method with dog-coin and allowed customers to pay with it for their services.

Today, dogcoin is no longer perceived as a joke that was created for the sake of fun and good mood. The currency has become so widespread that at the time of this articles publication it was already ranked fourth in the market capitalization rating.

At first glance, a ridiculous, common currency has already surpassed Gazprom in its total value, even though it is an energy giant in the Russian market.