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Forget Dogecoin: These TSX Stocks Could Double Your Money

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Crypto markets have stabilized in the middle of June but are still licking their wounds from the turbulence they suffered in May. Dogecoin, a coin that originally launched in 2013 as a joke, proved to be one of the most explosive cryptos in late 2020 and early 2021. However, that momentum has petered out in the spring. Today, I want to look at two TSX stocks that are a better bet for investors on the hunt for growth this decade.

Why Dogecoin has plummeted in the late spring

I’d discussed Dogecoin’s struggles earlier this week. It plunged from an all-time high after Elon Musk called it a “hustle” in a sketch on Saturday Night Live. The comedy show bit was enough to pull the rug out from under Dogecoin, and it has failed to recover in the weeks that followed. That kind of volatility is why I’m not keen to buy the dip in Dogecoin. Instead, I’ve got my eye on two top TSX stocks in the middle of June.

This TSX stock has been a growth beast since its 2015 IPO

Shopify (TSX:SHOP)(NYSE:SHOP) is an Ottawa-based company that provides a commerce platform and services around the world. Its shares have climbed 28% in 2021 as of late-afternoon trading on June 17. The TSX stock is up 61% from the prior year.

Shares of Shopify have popped this week after it confirmed its investment in Stripe. Shopify has reportedly invested more than $350 million in Stripe, which is its exclusive provider of payment-processing services. Shares of Shopify were up 7.6% in late-afternoon trading hours Thursday. Shopify has proven it is willing to be aggressive when it comes to investing in companies that have provided crucial offerings to its merchants.

Investors can expect to see Shopify’s second-quarter 2021 results in late July. Its growth has continued to impressive, especially as e-commerce services boomed during the COVID-19 pandemic.

Another 2010s IPO that has regained momentum

Canada Goose (TSX:GOOS)(NYSE:GOOS) launched its IPO on the TSX in March 2017. There was some skepticism surrounding the top Canadian winter clothing manufacturer’s stock early on. Clothing trends are notoriously fickle, and the retail space has been hammered over the past decade. However, Canada Goose’s brand has proven strong, and it invested heavily in its e-commerce channels. Shares of this TSX stock have climbed 30% in 2021. The stock is up 48% from the prior year.

In April, I’d discussed why Canada Goose was still a top clothing stock to consider. The company unveiled its fourth-quarter fiscal 2021 results on May 13. It delivered revenue growth of 33%, as global e-commerce revenue surged 123% from the prior year. Canada Goose projects that total revenue will exceed $1 billion in fiscal 2022. The stock will be worth watching ahead of the 2022 Winter Olympics, which could prove an excellent staging ground to bolster its brand awareness.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Ambrose O'Callaghan has no position in any stocks mentioned. The Motley Fool owns shares of and recommends Shopify. The Motley Fool recommends Canada Goose Holdings and recommends the following options: long January 2023 $1,140 calls on Shopify and short January 2023 $1,160 calls on Shopify.

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