If you invested in Dogecoin when Elon Musk first tweeted, how much would $100 be worth today?
Elon Musk (CEO of Tesla and SpaceX) is arguably one of the most influential people of our time. Musk’s impact on cryptocurrencies, and Dogecoin (DOGE) in particular, is undeniably impressive. Musk first tweeted about DOGE over five years ago, in April 2019. Since this first tweet, DOGE has taken the financial world by storm and proven its profitability for many investors.
do not miss it:
With a market cap of over $15.5 billion, DOGE has earned its place as the most popular meme coin. Let’s take a closer look at how much DOGE would be worth today if you had invested $100 when Musk first tweeted about it.
On April 2, 2019, Musk posted about DOGE on X (formerly Twitter) and said, “Dogecoin might be my favorite cryptocurrency. It’s pretty cool.” At the time of posting this tweet, Musk had about 25 million followers, but his post has only 11,000 likes to date. Since cryptocurrency was not very popular in 2019, his post had little impact on the price of DOGE for the time being. Looking back, Musk embodied one of the biggest cryptocurrency revolutions in history.
At the time of Musk’s tweet, DOGE was priced at just $0.003 and had a market cap of just $300 million. DOGE remained dormant until it saw its first big upswing in early 2021. By February 2021, DOGE’s price had risen nearly 3,000% to $0.088. But this was just the beginning. DOGE stabilized over the next few months, and in April DOGE began to surge. DOGE hit an all-time high by May 2021, exploding to $0.7376. This is an increase of almost 25,000% since Musk’s first tweet.
TRENDING: According to Cathie Wood, owning 6 Ethereum (ETH) could make you a millionaire. Here’s why that’s true.
DOGE faced a steep decline following this peak, continuing its trajectory into a bear market. DOGE remained quiet until the cryptocurrency’s recent resurgence in early 2024, led by Bitcoin (BTC) which broke its all-time high with the help of ETF approval. With more fear entering the market recently, DOGE’s current price has fallen by about 56% from its March 2024 peak of $0.228. Currently, DOGE is around $0.10 and is up 3,233% since Elon first tweeted. This means that if you had invested $100 in DOGE when Musk first tweeted, you would now have around $3,233.
However, it is essential to understand the risks associated with cryptocurrencies. These significant market ups and downs can lead to significant losses just as quickly as they can lead to gains. For example, look at how much you would have lost if you bought DOGE during Musk’s SNL appearance — you’re now down over 80%. It’s important to be mindful of market conditions and carefully navigate this unforgiving space.
The story continues
Analysts say there are promising aspects to DOGE that could help it regain its all-time highs. Most notably, Musk is DOGE’s biggest advocate, reaching 189.5 million followers with X. Musk’s acquisition of Twitter in 2022 and rebranding it as X also sparked speculation that DOGE could be integrated into the platform’s payment system. Although DOGE has minimal utility and is down significantly from its highs, it remains one of the most talked-about digital currencies and will always be a household name in cryptocurrency circles.
Read next:
Crypto Digital Assets
Up your stock market game with Benzinga Pro, the #1 “News and Everything Else” trading tool in the “Active Investor’s Secret Weapon” – Start your 14-day trial now by clicking here.
Want the latest stock analysis from Benzinga?
The article, “If You Invested $100 In Dogecoin When Elon Musk First Tweeted, Here’s How Much You’d Have Today” originally appeared on Benzinga.com.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.