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Is Dogecoin a Millionaire Maker?

TheMotleyFool

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Back in 2013, two software engineers created Dogecoin (CRYPTO: DOGE) -- which was named after the popular "doge" meme featuring a Shiba Inu dog -- as a playful parody of Bitcoin and other cryptocurrencies. Dogecoin didn't initially gain much attention from serious crypto investors, but a series of upgrades, big celebrity endorsements, and a fear of missing out (FOMO) caused its price to skyrocket over the past three years.

On May 8, 2021, Dogecoin's price hit an all-time high of $0.73, which represented a 73-fold gain from its price of $0.01 at the beginning of the year. At the time, some analysts claimed its price would reach $1 by the end of the year.

Image source: Getty Images.

Source Fool.com

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