Dogecoin has had an insane run lately, the dog themed meme-coin is up almost 776% in the past 30 days. But that’s not the only astonishing part, at this point. The data shows that Dogecoin has also surpassed the world’s premier asset Bitcoin by an extremely wide margin in historical return on investment (ROI). That’s the average return an asset has generated over the course of it’s life.
CoinGecko price aggregator and analytics tell us that Bitcoin has had a ROI of 83,811%, since it’s all time low (ATL) price of $67.81 on Jul 06 ‘2013. In contrast, the Dogecoin meme has generated an ROI of 659,873%, from it’s all time low (ATL) price of $ $0.0000869 on May ’06, 2015. It means that on a dollar to dollar basis, an investment made into Dogecoin two years later than Bitcoin’s ATL would have returned 576,062% more!
It gets ironic here. Dogecoin has returned generally better than Bitcoin, not only on historical ROI, but even on 1 year returns data. Bitcoin would have had netted you 521% gains, while Dogecoin would have returned 22,412%, if an investment was made into both an year ago. For an asset that prides itself on fundamentals and all sort of analysis, it’s surprising that a meme-coin initiated as a joke has surpassed it.
Why Dogecoin Has Performed Better?
Dogecoin is based on the Shiba Inu dog joke and it doesn’t do anything. Simply put, it’s real and fun. The project itself makes no grandiose comments about it’s abilities nor it has any plans on changing the world. The infrastructure is in shambles, it has had no real developments and there’s not much in place to support the network. It’s honest and fair, generated by mining and a good enough joke for everybody. It doesn’t claim or pretend to do anything else than that.
Now you might be thinking that these are all negatives, but that’s not true. At times, the inaction or not doing anything serves one better than action or doing something. Dogecoin has taken this philosophy of “never try” to heart. Plus it’s ancient, being launched way back in 2013 as a parody against the rising number of assets. Dogecoin has been an internet sensation, drawing interest from people on social media channels, widely available on exchanges and features an inclusive friendly community.
Dogecoin is a fork of Bitcoin, which doesn’t try “too hard”. It explains it’s high ROI over it’s bigger brother and the growing popularity. It’s everyone’s friend and seeks not to cancel everyone for having a different ideology or beliefs. Since it’s supply is overwhelmingly large, it favors the unit bias concept by allowing people to own “more”. Dogecoin’s recent rise can be attributed to the glowing endorsement by one of the world’s wealthiest man Elon Musk also, who has made it his life’s mission to promote the cryptocurrency through tweeting.