You could've made $1 million investing less than $1,500 in these 3 cryptocurrencies

And it wouldn't have taken very long to make a boatload of money.

| More on:
an older couple look happy as they sit at a laptop computer in their home.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

A popular TV game show from a few years ago asked the question, "Who wants to be a millionaire?" The answer is easy -- nearly everyone.

Achieving the goal isn't so easy for investors, though. To become a millionaire usually takes a long time and a significant amount of money invested. But that's not always the case. You could've made $1 million by investing less than $1,500 in each of these three cryptocurrencies -- and done so within a relatively short period of time.

1. Shiba Inu

Shiba Inu (CRYPTO: SHIB) stands out as one of the most impressive makers of rags-to-riches stories of all time.  If you invested only $1.56 in the digital token when it launched in August 2020, you'd now have $1 million.

How in the world did Shiba Inu skyrocket so much? For one thing, it started out trading at a minuscule amount. More importantly, though, Shiba Inu piggybacked on the success of another token -- Dogecoin (CRYPTO: DOGE).

Both Shiba Inu and Dogecoin use the Shiba Inu dog as their mascot. Unlike Dogecoin, though, Shiba Inu is compatible with the Ethereum (CRYPTO: ETH) platform. That means that it can be used with Ethereum wallets and potentially be integrated with decentralized finance (DeFi) apps built on the Ethereum blockchain.

Don't expect a small amount invested in Shiba Inu to make you a millionaire anytime soon these days, though. Some view it as the most dangerous cryptocurrency to own. Whether or not that take is correct or not, it's virtually impossible for Shiba Inu to achieve anywhere close to the gains it's racked up so far going forward.

2. Ethereum

Ethereum ranks as the second-biggest cryptocurrency in the world with a market cap of close to $537 billion. While the blockchain wasn't officially launched until July 2015, Ethereum's initial coin offering (ICO) occurred in the previous year. Had you bought only around $69.50 of Ether tokens in that ICO and held onto them, you'd now have $1 million.

The one overriding factor behind Ethereum's meteoric rise is its real-world utility. Ethereum's blockchain supports smart contracts that enable the execution of agreements on the internet with no intermediaries.

Another important example of this real-world utility is that the Ethereum blockchain can host other cryptocurrencies. Indeed, nearly half of the top 100 tokens based on market cap are compliant with Ethereum's ERC-20 standard.

Other blockchains hope to dethrone Ethereum by offering faster transaction speeds and lower costs. However, a major upgrade is on the way in 2022 that should make Ethereum more competitive. It's not likely to repeat the impressive performance of the past seven and a half years, but the cryptocurrency could still be a winner over the long term.

3. Dogecoin

Dogecoin (CRYPTO: DOGE) was launched in 2013 as a fun alternative to Bitcoin. Early investors have certainly had a lot of fun. An initial investment of around $1,492 in Dogecoin when it first became available for mining would now be worth $1 million. 

Online investing communities soon began jumping aboard the Dogecoin train. It gained popularity in tipping on Redditt and Twitter. However, Dogecoin really hit its stride after Tesla CEO Elon Musk began tweeting about it.

Musk has stated that Dogecoin is his favorite cryptocurrency and is one of only three digital coins that he personally owns. He even has referred to himself the "Dogefather."

The impact of the billionaire's vocal support has its limits, though. Like Shiba Inu and Ethereum, Dogecoin almost certainly won't be able to deliver the level of returns going forward as it has in the past. The cryptocurrency could still potentially make money for investors over the long term, but it's unlikely to make quick millionaires. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Keith Speights has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Bitcoin, Ethereum, Tesla, and Twitter. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on International Stock News

A man looking at his laptop and thinking.
International Stock News

Can $10,000 Invested in Nvidia Stock Today Turn Into $1 Million by 2035?

After soaring more than 800% between 2023 and 2024, Nvidia stock came to a screeching halt this year.

Read more »

A tech worker wearing a mask holds computer chip up to the camera.
International Stock News

Nvidia Just Became the World's Most Valuable Company. Here's What May Happen Next.

Nvidia has reclaimed its spot from Microsoft.

Read more »

A man with his back to the camera holds his hands to his head as he looks to a jagged red line trending sharply downward representing the ASX tech share sell-off today
International Stock News

The Tesla stock price just lost 14.8% and US$230 billion

A Trump-Musk fallout has tanked Tesla shares...

Read more »

A Tesla electric vehicle beingt charged
International Stock News

Prediction: Tesla Stock Won't Recover in 2025 (And Insiders Seem to Agree)

Many investors are losing confidence.

Read more »

A man with a beard and wearing dark sunglasses and a beanie head covering raises a fist in happy celebration as he sits at is computer in a home environment.
International Stock News

Prediction: Nvidia Will Beat the Market. Here's Why

The world's leading GPU maker is still a solid investment.

Read more »

A TV remote in focus with a screen of Netflix options in the background.
International Stock News

Can Netflix Stock Continue to Soar in 2025?

Some technology stocks have proven resilient through the ups and downs of 2025.

Read more »

A delivery man wearing a cap and smiling broadly delivers two boxes stacked on top of each other at the door of a female customer whose back can be seen at the edge of a doorway.
International Stock News

Why Amazon stock gained 11% in May

Let's take a look.

Read more »

A person sitting at a desk smiling and looking at a computer.
International Stock News

Prediction: Nvidia Stock Will Soar in 2025 (and It's Due to This 1 Number)

Nvidia (NASDAQ: NVDA) has already delivered spectacular gains for investors, advancing more than 1,400% over the past five years.

Read more »