Dogecoin DOGE/USD has not been spared in the crisis that has enveloped cryptocurrencies in the wake of the liquidity crunch facing Sam Bankman-Fried-led firms FTX and AlamedaResearch.
The troubles at the beleaguered cryptocurrency exchange, FTX, intensified after Binance said it would not be acquiring the platform citing issues “beyond our control.”
Bankman-Fried said on Wednesday that FTX “urgently needs” $8 billion to stave off bankruptcy, and he hoped to raise as much as $3 billion to $4 billion in equity.
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The Investment: DOGE has fallen 38.1% over the last week and over the course of 24 hours its price has dropped 7% to $0.08.
Before the FTX crisis unfolded, Dogecoin was buoyant — particularly at the beginning of the month when it hit the 15-cent mark. The rise in the price of memecoin came after Tesla Inc. TSLA CEO completed the purchase of Twitter. There was speculation that Twitter could introduce a cryptocurrency wallet at the time.
If DOGE were to regain the levels seen on Nov. 1, here’s how much an investor stands to gain if they invested $100 in the same coin at the time of writing when it traded at $0.08.
| investment | Date Of Purchase/Listing | Purchase Amount | Purchase Price | Units/Shares Obtained | Worth If Price Bounces To Nov. 1 Level | Percent Change |
|---|---|---|---|---|---|---|
| Dogecoin (DOGE) | Nov. 10, 2022 | $100 | $0.08 | 1213.30 | $190.73 | 90.73% |
The investor stands to gain 90.73% should DOGE regain its Nov. 1 price level and the $100 investment would turn into $190.73.
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