Here’s How Much $1,000 Invested In Dogecoin Would Be Worth If You Invested When Elon Musk First Tweeted About DOGE
More than five years ago, Elon Musk first posted about Dogecoin (DOGE) on social media. Since then, the token has exploded in popularity, reaching every corner of the internet and generating tens of billions in investments. The first reports on DOGE seemingly came out of nowhere but had a huge impact on the price. Let’s take a look at what would have happened if you had the foresight to invest when Musk first tweeted about DOGE.
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On April 2, 2019, Musk posted on, saying “Dogecoin might be my favorite cryptocurrency. It’s pretty cool.” As of today, the post has only 11,000 likes, a small fraction of the hundreds of thousands Musk regularly receives in 2024. However, this small and innocent post would spark a memecoin revolution.
At the time of the tweet, DOGE was worth around $0.003, or less than 1/30 of a cent. However, at the May 2021 high, DOGE price reached $0.7376. This represents an increase of almost 24,500% in just over two years. So, if you had invested $1,000 in DOGE on April 2, 2019, it would have been worth $245,860 at the 2021 high.
The price of DOGE has since fallen to around $0.16. However, that still represents an increase of over 5,000% from Musk’s first tweet, and a $1,000 investment would currently be worth over $50,000. This represents a compound annual growth rate (CAGR) of over 120%.
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Musk played a huge role in the success of DOGE. Although the initial tweet didn’t have much impact on the price, Musk continued to post about DOGE over the next few years, helping to raise awareness for the token. In 2021, DOGE took off, exploding on social media and experiencing exponential growth. In 2022, Tesla began allowing its customers to pay for certain products (mainly merchandise) with DOGE. This announcement also gave the price of DOGE a small boost.
Most recently, in March 2024, Musk said, “We should allow this” when asked about the possibility of buying a Tesla car with DOGE during a visit to the Berlin gigafactory. Additionally, Musk’s social media platform, X, is in the process of obtaining payment licenses in US states, potentially offering DOGE payments on the platform.
Musk played a pivotal role in helping DOGE become not only the largest coin, but also one of the largest cryptocurrencies. Since Musk began posting about the token, it has seen huge gains and attracted tens of billions of dollars in market capitalization and is larger than nearly half of the companies in the S&P 500. Musk doesn’t seem to be either being done with DOGE, with the potential to continue integrating it into its many businesses.
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This article Here’s How Much $1,000 Invested In Dogecoin Would Be Worth If You Invested When Elon Musk First Tweeted About DOGE originally appeared on Benzinga.com
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