Dogecoin (DOGE) Vs. GameStop (GME): What $1,000 Invested 2 Years Ago Is Worth Today
Dogecoin (DOGE) and GameStop (GME) come from largely different asset classes. However, they share a variety of similarities. Both have experienced significant price increases over the past several years, largely driven by retail investors aiming to challenge the larger financial system. However which asset has been more successful at this goal, measured through price appreciation? Let's take a closer look.
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DOGE and GME both experienced significant gains in 2020 and 2021 as billions of dollars flowed into the projects, causing the prices to soar.
The price of GME went from less than $20 at the start of 2021 to nearly $500 on Jan. 28, 2021. This marked a price increase of over 2,700% in less than a month.
For DOGE, the price surged from less than $0.05 in February 2021 to an all-time high (ATH) of nearly $0.75 in April 2021, representing gains of 1,400%.
At the time, these price movements sparked huge amounts of media attention. Regarding DOGE, the price movements were largely attributed to tweets from Elon Musk, along with a viral component on social media. For GME, the price increases were the result of mass buying from the Reddit community, r/WallStreetBets. Additionally, some brokerages began to limit buying activity on the stock, which angered investors and further fueled the rally.
However, the significant price increases occurred several years ago, and some of the hype has since subsided. While both assets are still well above where they were in 2020, they are down significantly from the highs that were seen in the first half of 2021. Despite this, there has been continued interest in the assets following the decline from their peaks, and both have surprisingly performed well over the past two years.
If you invested $1,000 in each of DOGE and GME two years ago, you would be sitting on a total of $2,860. Of this, the investment in DOGE would be worth $1,660, and the investment in GME would be worth $1,200.
The price of DOGE has gone from $0.09 two years ago to a price of $0.15 today. Over the time frame, the price of GME has increased from $25 in May 2022 to $30 in May 2024.
However, it is important to note that the price of GME surged in May 2024, following a return to social media by Roaring Kitty, the financial analyst who played a key role in bringing attention to GME in 2020 and 2021. The price of GME went from less than $11 in early May to over $30 at the time of writing. So, the investment in GME would not have been profitable until the middle of May.
Together, the investments would have yielded a return of over 40%, beating out the S&P500's gains of just over 30% in the same period.
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This article Dogecoin (DOGE) Vs. GameStop (GME): What $1,000 Invested 2 Years Ago Is Worth Today originally appeared on Benzinga.com
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