Any investor who began this year with a $1,000 bet on Polygon (MATIC) or Dogecoin (DOGE) can happily laugh all the way to a Tesla Inc TSLA dealership.
What Happened: MATIC, a multichain scalability platform for Ethereum (ETH), has skyrocketed a whopping 7,150% since the year began.
At press time in a 24-hour window, MATIC traded 7.39% higher at $1.45. A $1,000 investment on Jan. 1 would have netted 50,000 MATIC at $0.02 each. These coins would be worth an impressive $72,500 at the price prevalent at press time.
Compare this to DOGE, which has soared 6,736.14% since the beginning of 2021. At press time, DOGE traded 4.13% higher at $0.32.
See Also: How To Buy Dogecoin (DOGE)
At the beginning of the year, $1,000 invested in DOGE would have got the investor 213,629.56 DOGE, worth about $68,361.46 at press time.
Since a Tesla Model S Long Range costs $74,490 after potential savings and incentives are taken into account, the MATIC investor can pretty much place the order for one after paying the difference of $1,990.
Should the DOGE investor decide to buy a top-of-the-line Tri-Motor all-wheel-drive Cybertruck, it would set them back $69,900, just $1,538.54 less than the expected purchase price. Although that vehicle can only be booked and deliveries have not yet begun.
A Model Y Performance version that goes for $56,690 with incentives and savings factored in the price is easily within the reach of both MATIC and DOGE investors.
Even if these discounts are not factored in, the full purchase price of $60,990 would leave both investors with spare change.
Why It Matters: These fantastic gains are despite the fact that MATIC and DOGE have fallen 46.21% and 56.25% below the all-time highs of $2.68 and $0.74 they reached respectively last month.
MATIC has been soaring in bearish markets thanks to a boost in Defi and the high gas or transaction fee on the Ethereum network. There was also a surge in active user wallets in the project last month.
DOGE has found its boost due to the support of a loyal “DOGE army” and push from celebrities such as Tesla CEO Elon Musk, Mark Cuban and Snoop Dogg.
DOGE has left the two large cryptocurrencies Bitcoin (BTC) and ETH trailing in terms of year-to-date gains. BTC has risen 33.28% so far this year, while ETH has risen 235.52%.
At press time over 24 hours, BTC rose 12.09% higher at $39,246.11 and ETH rose 6.97% higher at $2,490.91.
Benzinga’s Take: Super-duper returns need super-duper restraint. A case in point is Billy Markus, co-creator of DOGE who sold all his coins in July 2015 for an amount equivalent to the purchase of a second-hand Honda at the time. Those coins would be worth millions of dollars today.
Read Next: Vitalik Buterin Is A Dogecoin Hodler, Says Meme Crypto Has Proved One Of 'Best Investments'
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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