(Disclaimer: We are not promoting Dogecoin or providing investment advice of any kind with this article)
Dogecoin, the cryptocurrency that started as a joke in 2013, has been on a wild ride lately.
Thanks to tons of publicity recently and some tweets by celebrities, most notably Tesla head Elon Musk, the "joke" became somewhat of a reality as the value of the coin has risen exponentially since its early days.
Back in 2015, the coin traded for fractions of a penny, somewhere around the range of $0.0002 - $0.0003. As of right now, each coin is worth about $0.50, which is probably far out of date by the time you're reading this as the asset's price can swing wildly.
So, if you had invested $1,000 into Dogecoin just last year, how much would that give you now?
According to the Robinhood app, one Dogecoin was approximately worth $0.002413 on May 11, 2020. If you bought $1,000 then, you would be able to buy approximately 414,421 Dogecoins.
How much would they be worth now, assuming 1 Dogecoin is worth about $0.50 today?
To make you feel even worse, if you had made yourself a "Dogecoin millionaire" a year ago by buying 1,000,000 Dogecoin, which would have cost you about $2,143, it would be worth $500,000 now.