Cryptocurrency Dogecoin DOGE/USD is having another moment with the meme crypto surging over 80% in the past week, helped by increased interest in the cryptocurrency afterward Donald Trump‘s election victory in 2024 and Elon Musk‘s expected role as leader of the Department of Government Efficiency, or DOGE for short.

Despite the rising valuation for Dogecoin in recent weeks, the meme crypto is still trading significantly lower than its all-time high in May 2021.

Here’s a look back and how much $100 invested in DOGE today will be worth if it hits new highs.

What happened: Dogecoin hit a new one-month high of $0.3011 in the past 24 hours as the cryptocurrency sector remains hot and traders speculate on further gains with Trump as president and Musk involved in the government.

Dogecoin became extremely popular in 2021, leading to a rise in the meme cryptocurrency’s value.

The crypto traded at $0.0047 at the start of 2021 and quickly rose in value after becoming a trending topic on social media and Google. The price of the coin was also increased with prominent figures like Mark Cuban and Musk tweets about Dogecoin.

An appearance by Musk on “Saturday Night Live” turned out to be the ultimate event for Dogecoin. It brought new fans to the cryptocurrency and marked an all-time high before falling.

After a forgettable 2022, which saw the price of many cryptocurrencies fall due to the bankruptcy of crypto-related companies and falling interest rates, Dogecoin saw a resurgence in 2023.

Helping the currency was the acquisition of the social media platform Tweet from Musk, which prompted Twitter to briefly change its logo to the Dogecoin log, driving the price up significantly.

The logo change fulfilled a promise Musk had previously made and also led to speculation that the addition of payments to X, formerly known as Twitter, could include the integration of Dogecoin.

Musk’s support for Dogecoin over the years has not gone unnoticed and often leads to higher prices for the meme cryptocurrency.

The price of Dogecoin has risen in recent weeks, and the leading cryptocurrency Bitcoin BTC/USD then reaches new all-time highs the 2024 presidential elections.

Also read: Dogecoin Price Prediction

Invest $100 in Dogecoin: There is a possibility that Dogecoin has enjoyed its 2021 high and will never reach an all-time high again.

On the other hand, Dogecoin could also shoot higher as more retailers start accepting it as a payment option or as crypto is integrated into social media platforms like X.

A $100 investment in Dogecoin at the time of writing would buy 346.2604 DOGE, based on a price of $0.2888. If Dogecoin can return to record highs, the $100 investment would be worth $255.40 today.

This represents a hypothetical return of 155.4% over the current market price.

While there is no guarantee that Dogecoin will continue to rise in 2024 or into the future, investors can enjoy a few more “Much Wow” moments.

Read next:

This article was previously published by Benzinga and has been updated.

Image created using artificial intelligence via Midjourney.