Cryptocurrency Dogecoin (CRYPTO: DOGE) is having a moment once again with the meme crypto soaring over 80% in the last week, helped by increased interest in the cryptocurrency after Donald Trump‘s 2024 election win and Elon Musk‘s anticipated role leading the Department of Government Efficiency, or D.O.G.E. for short.

Despite the rising valuation for Dogecoin over the past several weeks, the meme crypto still trades 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 new highs are reached.

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What Happened: Dogecoin hit a new one-month high of $0.3011 in the last 24 hours as the cryptocurrency sector remains hot and traders are speculating for further gains with Trump as president and Musk being involved with the government.

Dogecoin surged in popularity in 2021, leading to an increase in the value of the meme cryptocurrency.

The crypto began trading at $0.0047 to kick off 2021 and quickly rose in value after becoming a trending topic on social media and Google. The price of the coin was also boosted with prominent figures like Mark Cuban and Musk tweeting about Dogecoin.

An appearance by Musk on “Saturday Night Live” proved 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, Dogecoin saw a resurgence in 2023.

Helping the coin was the acquisition of the social media platform Twitter by Musk, which led Twitter to change its logo to the Dogecoin log briefly, which sent the price significantly higher.

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The logo change fulfilled a promise Musk previously made and also sparked 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 hasn’t gone unnoticed and often leads to higher prices for the meme cryptocurrency.

The price of Dogecoin has been rising in recent weeks, and the leading cryptocurrency Bitcoin (CRYPTO: BTC) is hitting new all-time highs following the 2024 presidential election.

Read Also: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!

Investing $100 in Dogecoin: The possibility exists that Dogecoin may have enjoyed its peak moment in 2021 and will never reach all-time highs again.

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

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

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

While there is no guarantee that Dogecoin will continue to go up in 2024 or in the future, investors could enjoy several more “Much Wow” moments.

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

Image created using artificial intelligence via Midjourney.