Dogecoin price: $1000 investment at start of 2021 rockets up past average US income

According to Yahoo Finance, it means that a $1000 (£719.39) investment placed on the cryptocurrency at the start of 2021, when its value was around half of a penny, would now be worth more than $100,000 (£71,939.50) Yahoo’s Zack Guzman highlighted the rise in a tweet.

He posted: “If you invested $1000 into the following on January 1, 2021, you'd have this much as of May 4: - Tesla: $907 - GameStop: $8,990 - Bitcoin $1,946 - Dogecoin: $103,703!!!”

In a report, Mr Guzman added how after the $0.56 (£0.40) price that Dogecoin appeared to stabilise around on Tuesday, the bet would now be worth $103,703 (£74,603.42).

He cited that the US Census Bureau reported the average American household income is at $69,000 (£49,638.25).

It means the $1000 (£719.39) bet at the start of 2021 on Dogecoin could have created by about 1.5-times the average US household income in just five months, according to Mr Guzman.

READ MORE: Dogecoin price: Why is Dogecoin rising? Investment could end in tears

Mr Markus wanted to make his crypto different from its rival bitcoin and aimed to make Dogecoin open to the masses.

On its Twitter account, Dogecoin describes itself as “an open source peer-to-peer digital currency, favoured by Shiba Inus worldwide”.

Elon Musk, SpaceX and Tesla CEO, is one of the most prominent supporters of Dogecoin.

After tweeting about the cryptocurrency to his 50 million followers in April, Mr Musk reportedly sent the price of Dogecoin soaring.

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