A hypothetical investment in Dogecoin worth $1,200 following the first stimulus checks sent by the US government in mid-April 2020 would be worth more than $400,000 roughly a year later.
This substantial ROI comes amid DOGE’s latest price surge to a new all-time high of about $0.7.
Stimulus Check in DOGE Worth Over $400K
CryptoPotato has previously reported hypothetical scenarios examining potential plots in which US citizens used their first stimulus checks to invest in different crypto assets.
After the COVID-19 pandemic broke out, the US government initiated radical measures and sent checks worth billions of dollars to most of its citizens. Basically, every adult making less than $75,000 per year received checks for $1,200, and the first ones arrived in the middle of April 2020.
Being forced to stay home and not work, most people used the funds to purchase necessities like food or pay rent, according to some reports. However, it’s still worth exploring what would have happened to that amount allocated in something less traditional – like a cryptocurrency.
After examining BTC, ETH, and ADA hypothetical investments, today’s digital asset under the radar is the Shiba Inu-inspired meme token – Dogecoin. TradingView’s DOGE/USD chart shows that the coin traded around $0.0019 in mid-April 2020. Meaning, $1,200 would have bought just over 630,000 DOGE tokens.
The cryptocurrency’s gains since then have been nothing short of mind-blowing. In the next just over a year, DOGE skyrocketed by 36,750% to its latest all-time high registered earlier today at around $0.7.
As a result, the whopping ROI of this investment would have been worth north of $440,000.
Dogecoin’s One Year Rise
It’s safe to say that the chances of someone indeed putting his $1,200 stimulus check in Dogecoin are quite slim. After all, the meme coin’s popularity was nowhere near its current levels.
Despite being launched in 2013, DOGE picked up years later – after multiple engagements from Tesla’s CEO – Elon Musk. Somewhere in the middle of 2020, the billionaire started endorsing the meme coin on social media, which boosted its price and popularity.
This began a snowball effect, and multiple other celebrities follow suit, including Snoop Dogg and Mark Cuban. Numerous companies took advantage of the craze and added DOGE payments for their products and services.
Thus, a year later, Dogecoin is no more the fun meme coin that started as a joke. Instead, DOGE is receiving mass adoption and, as of writing these lines, is the fourth-largest cryptocurrency by market capitalization.