The value of Dogecoin has skyrocketed 12,000 percent since the beginning of 2021.
As of Wednesday, the meme-based cryptocurrency briefly hit an all-time high of $0.69 USD, translating to a surge of more than 12,000 percent since January 1. According to CNBC, an investment of $1,000 USD on that date would’ve soared to now a staggering $121,052 USD. The immense growth completely eclipses those of the two largest cryptocurrencies currently traded: Bitcoin and Ethereum, which has risen 95 percent and 369 percent respectively during the same period.
Much of Dogecoin’s latest rally can be attributed to the lead-up to Tesla CEO Elon Musk‘s appearance on Saturday Night Live as host this weekend. The self-proclaimed “Dogefather” has long promoted the cryptocurrency to his 52 million followers, at one point even saying he’d pay money for people to sell all their Dogecoins in order to lower concentrations.
Despite this, cryptocurrency analysts have warned investors of trying to capitalize on the Dogecoin wave in order to make a quick buck. “My guess is that [the rally] won’t last, especially for something like Dogecoin which was never meant to be a payment system or a store of value,” said crypto wallet BRD’s COO Adam Zadikoff. “Yes, you can make a quick buck if you time it right, but timing the market is a terrible thing to try to do. It does not work.”
In other related news, Meek Mill has also jumped onto the Dogecoin train with a $50,000 USD investment.