Investments of $5,000 and $10,000 in Dogecoin when Elon Musk first tweeted about it would have yielded staggering gains at the current market price.
Dogecoin, the largest meme coin by market cap, has had a long-standing bromance with Tesla founder Elon Musk. The world’s richest man has not hidden his admiration of the Shiba Inu mascot-themed meme coin, taking to X (formerly Twitter) several times to promote the token.
For context, Musk called himself the “Doge Father” in September at a public appearance, a testament to his love for the token. Recall that in April 2023, he changed X’s logo to the Doge meme, with the asset’s price surging 30%.
While this has aggrieved a faction of the Dogecoin community, Musk’s impact has generally been bullish for the prominent meme coin. Let’s look at Dogecoin’s price when the X owner first tweeted about it and how much a $5,000 and $10,000 investment would be worth at the current market price.
Dogecoin’s Price When Musk First Tweeted
The billionaire made his first Dogecoin comment on April 2, 2019, exactly six years from yesterday. In the viral tweet, Musk stated that DOGE might be his favorite cryptocurrency, noting the asset was “pretty cool.”
Notably. DOGE opened at $0.002552 on the day. Meanwhile, the comment contributed to a 16% rally that day, which extended to over 40% in the next three days.
Dogecoin continued its parabolic expansion from there, rallying a jaw-dropping 29,852% to its current all-time high of $0.7488 in May 2021. Meanwhile, the meme coin has retraced 78% from the high to its market price of $0.1641 today.
Returns on a $5,000 and $10,000 Investment When Musk First Tweeted
Despite the recent market downturn, Dogecoin is still up 6,330% from its price when Musk first adopted the meme coin. Such an impressive percentage rally would turn meager investments at the time to staggering gains in today’s market.
If a user bought $5,000 worth of the token at $0.002552, it would culminate in 1,960,784 DOGE. Meanwhile, the stash would have increased to $321,765 at its current market price, an incredible 6335% appreciation.
Moreover, a $10,000 investment at Dogecoin’s price of $0.002552 on April 2, 2019, would give a higher asset share and weightier returns. At the time, $10,000 would buy you 3,918,495 DOGE, worth $643,025 in today’s market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
