Cryptocurrency enthusiasts and investors have witnessed a resurgence in leading digital currencies in February, with Bitcoin reclaiming levels not seen since November 2021. Amid this bullish trend, the famed memecoin Dogecoin (DOGE) has also joined the rally, prompting a retrospective look at the impact of Elon Musk’s tweets on Dogecoin investments.
Elon’s Dogecoin Affair: A Timeline of Memes and Market Moves
Billionaire Elon Musk’s affinity for Dogecoin became evident in April 2019 when he responded to a tweet, expressing that “Dogecoin might be my fav cryptocurrency.” This tweet initiated a series of social media interactions that fueled Dogecoin’s popularity and led to all-time highs for the memecoin.
Another notable moment occurred on July 17, 2020, when Musk shared a meme portraying Dogecoin surpassing the global financial system, stating, “It’s inevitable.” This event further solidified Musk’s influence on Dogecoin’s market sentiment.
Investing $100: A Hypothetical Journey Through Dogecoin’s Price Swings
For investors who heeded Musk’s early tweets, the hypothetical returns on a $100 investment in Dogecoin showcase the volatile yet potentially rewarding nature of cryptocurrency investments.
- April 2, 2019: Dogecoin traded at $0.002552. A $100 investment at that time would have resulted in 39,185 DOGE, now valued at $3,837.39 – a remarkable hypothetical return of 3,737.4%.
- July 17, 2020: Dogecoin reached its highest price of $0.003084. A $100 investment on that day could have bought 32,425 DOGE, now valued at $3,175.38, representing a hypothetical return of 3,075.4%.
- All-Time High (May 2021): Dogecoin hit $0.07376. At its peak, the $100 investments based on Musk’s tweets would have been worth $28,902.86 and $23,916.68, respectively.
The “Much Wow” Moment: Dogecoin Investors Reap Rewards
As Dogecoin continues to capture attention in the crypto sphere, investors who followed Musk’s social media interactions alongside Dogecoin’s journey may be celebrating their “much wow” returns. Musk’s role as a Dogecoin advocate has not only contributed to the coin’s market movements but also sparked discussions about the intersection of social media influence and cryptocurrency investments.
