Dogecoin (DOGE) Vs. GameStop (GME): What $1,000 Invested 2 Years Ago Is Worth Today
Benzinga has reported that Dogecoin (DOGE) and GameStop (GME) do not belong to the same class of assets. Nevertheless, they have a few things in common. Both assets have witnessed a remarkable surge in their prices over the last few years, thanks to individual investors trying to challenge the dominance of larger financial establishments. But, which of these two assets has been more victorious in achieving this objective, judging by their price appreciation? Let's examine them carefully.
The DOGE and GME projects saw remarkable progress during 2020 and 2021. These projects received billions of dollars, leading to a surge in their prices.
At the beginning of 2021, GME's cost was less than $20. However, on Jan. 28, 2021, it surged to roughly $500, which translates to a stupendous rise of more than 2,700% in under a month.
In the month of February 2021, DOGE's price was at a low of less than $0.05. However, two months later in April 2021, the price skyrocketed to an all-time high (ATH) of almost $0.75. This impressive increase translates to profits of 1,400%.
During that period, there were significant fluctuations in prices that caught the attention of numerous media outlets. DOGE's price fluctuations were primarily due to Elon Musk's tweets and extensive coverage on social media. Meanwhile, GME's rise in value was due to a group of Redditors at r/WallStreetBets purchasing large amounts of the stock. Furthermore, certain brokerages restricted buying of the stock, causing frustration among investors and intensifying the upward market trend.
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The cost of these assets increased greatly a few years ago, but the excitement has decreased since then. While both assets are still valued higher than they were in 2020, they have decreased considerably from the top prices they reached in the initial six months of 2021. Nevertheless, people are still interested in these assets, even after their fall from the highest point. Surprisingly, both assets have still performed admirably during the past two years.
If you had put $1,000 into DOGE and GME two years ago, you would now have $2,860. Specifically, you would have $1,660 from DOGE and $1,200 from GME.
A couple of years ago, DOGE was priced at $0.09, but today it is valued at $0.15. Meanwhile, GME's value has surged from $25 in May 2022 to $30 in May 2024.
It's worth mentioning that GME's price shot up in May of 2024, after Roaring Kitty, a financial analyst who drew attention to GME in 2020 and 2021, returned to social media. GME's value went up from under $11 at the beginning of May to over $30 at present. Therefore, investing in GME wouldn't have resulted in a profit until mid-May.
Collectively, the financial commitments would produce a profit of more than 40%, surpassing the S&P500's earnings of slightly more than 30% in the identical timeframe.
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