Dogecoin (CRYPTO: DOGE), launched as a parody of Bitcoin (CRYPTO: BTC), was only worth $0.00026 on its first recorded trade in Dec. 2013. Today, it's worth $0.096 -- so a $10,000 investment in its market debut would be worth $3.69 million.

Dogecoin's millionaire-making rally was fueled by endorsements from celebrity investors -- including Snoop Dogg, Mark Cuban, and Elon Musk -- and the public's growing interest in altcoins. But could it turn a fresh $10,000 investment into over $1,000,000 again?

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Dogecoin was created using the open-source code for Litecoin (CRYPTO: LTC), which was forked (split off) from Bitcoin's blockchain in 2011. Dogecoin and Litecoin -- like Bitcoin -- can be mined with the energy-intensive proof-of-work (PoW) consensus mechanism. Dogecoin and Litecoin can be "merge-mined" together because their mechanisms accept the same solutions.

But unlike Bitcoin and Litecoin, which have supply limits, Dogecoin doesn't have a supply cap and already has 153 billion tokens in circulation. Therefore, Dogecoin can't be valued by its scarcity -- but its supporters believe that its design will encourage people to spend their tokens on actual products and services rather than hoarding them as speculative investments.

Dogecoin's blockchain also doesn't natively support smart contracts, which are used to develop decentralized apps and other crypto assets. However, it might attract more developers through Dogechain, a Layer 2 (L2) solution that runs on Polygon's (CRYPTO: MATIC) proof-of-stake (PoS) blockchain. That platform enables the development of decentralized apps that accept Dogecoin.

The bears claim Dogecoin's high supply and lack of developer appeal will make it less appealing than "blue chip" tokens like Bitcoin and Ether (CRYPTO: ETH). Those weaknesses could also cause Dogecoin to underperform other tokens during the next "crypto winter".

On the bright side, several crypto firms have submitted their applications for Dogecoin spot price exchange-traded funds (ETFs) to the Securities and Exchange Commission (SEC). None of those ETFs have been approved yet, but REX-Osprey launched the first Dogecoin-backed ETF on the CBOE (Chicago Board Options Exchange) last September to bypass the SEC. If more of those ETFs are approved, Dogecoin could attract more retail and institutional investors.

For Dogecoin to turn a $10,000 investment into $1,000,000 again, its market cap would need to rise from $14.5 billion to $14.5 trillion. That would make it the world's most valuable cryptocurrency by a wide margin. By comparison, Bitcoin has a market cap of $1.4 trillion.

So while Dogecoin's catalysts might stabilize its price, it's unlikely to replicate its millionaire-making gains from the past decade. Investors looking for more stable cryptocurrencies should stick with Bitcoin or Ethereum instead.

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Leo Sun has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin and Ethereum. The Motley Fool recommends Polygon. The Motley Fool has a disclosure policy.

Is Dogecoin a Millionaire-Maker Cryptocurrency? was originally published by The Motley Fool