- Dogecoin (DOGE) price has increased so rapidly.
- US taxpayers invested their amount of three stimulus checks into DOGE.
- Investment returns are high in DOGE compared with BTC or ETH.
Dogecoin (DOGE) price has increased so rapidly that if US taxpayers had invested their amount of the three COVID-19 pandemic stimulus checks into DOGE upon receipt, the gamble netted each a whopping $4,25,000.
According to CoinGecko, the DOGE price is $0.62, at the time of writing. This is nearly 30,000% since April of last year.
Finance blogger Nick Maggiulli mentioned the theoretical scenario on Twitter,
Update: Putting all 3 U.S. stimulus checks into Dogecoin now exceeds $500,000 pic.twitter.com/nCrSqlfTFt
— Nick Maggiulli (@dollarsanddata) May 5, 2021
On April 27, 2020, DOGE price traded at $0.00233, however, a $1200 stimulus check bought 515,021 DOGE. After which, the price of DOGE increased a bit to $0.009967 by Jan 04, 2021. With that, $600 would buy almost 60,199 DOGE. At last, on March 17 the price reached $0.05746. More so, $1,400 would amount to nearly 24,364 DOGE.
In addition, in case of users received the maximum single taxpayer amount for each round of checks. And investing those into Dogecoin on those respective, then users would have ended up with a stash of 599,584 DOGE. Moreover, with the new all-time high of $0.711442, users could have sold all for $426,569 from a total investment of $3,200.
Furthermore, the last few months have indeed ended in huge gains for TikTok and other social-media-driven Dogecoin investors. Notably, on comparing the same investment with Bitcoin or Ethereum, the returns are high in DOGE.