Meme-Based Cryptocurrency Dogecoin (DOGE) is outperforming Bitcoin (BTC) in ROI
- Dogecoin has recorded a far more impressive return on investment than Bitcoin.
- DOGE has surged by more than 100% over the past week, ahead of Saturday Night Live is hosted by Elon Musk.
- The increased rise of DOGE means it has overtaken companies like Ford and Twitter when it comes to market cap.
Meme-based cryptocurrency Dogecoin (DOGE) is having an impressive second quarter after the token surged by more than 700% within the past month.
However, the token is now ahead of Bitcoin when it comes to historical return on investment. This means those who would be invested in Dogecoin from the onset would have gained more than those that invested the same amount on Bitcoin (BTC) when it was released.
Dogecoin has outperformed Bitcoin in ROI
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According to CoinGecko analytics and data aggregator, Bitcoin has had an ROI of 83,811% since it’s all-time low (ATL) price of $67.81 in July 2013. On the other hand, Dogecoin has had an astonishing RIO of 569,873% since its ATL of $0.0000869 in May 2015.
And when comparing the yearly ROI data between the two tokens, those who invested in Dogecoin will also fare better. If an investment was made into both of the tokens last year, DOGE would have returned 22,412% while Bitcoin would have returned 521%.
Analysts are surprised about the unbelievable returns DOGE is providing for its investors. What’s more surprising is the fact that the meme-coin that was only initiated as a joke is doing far better than Bitcoin and many cryptocurrencies with strong projects backing them.
Upward price movement influenced by Elon Musk
DOGE has surged in value by more than 100% over the past week. This is coming when one of its strong influencers Elon Musk is preparing to host Saturday Night Live. DOGE traded at $0.70 on Tuesday, before consolidation at $0.56.
The influence of Elon Musk on the token’s rise cannot be overlooked, as its upward movement coincided with his increased activities and tweets around the cryptocurrency.