Leading cryptocurrencies are moving higher in February, including sector leader Bitcoin BTC/USD, which hit levels last seen in November 2021.
Also joining the party of higher cryptocurrency prices is popular memecoin Dogecoin DOGE/USD.
Here's a look back at how much an investment in Dogecoin would be worth based on a key event in the coin's history.
First Elon Musk Tweet: Billionaire Elon Musk has been one of the biggest supporters of Dogecoin in recent years.
Several tweets by Musk in 2021 and an appearance on "Saturday Night Live" where the billionaire discussed the memecoin led to all-time highs for Dogecoin.
Musk first mentioned the Shiba Inu-themed meme cryptocurrency replying to a user on social media platform X, formerly known as Twitter, in April 2019.
On April 2, 2019, Musk replied to a tweet saying "Dogecoin might be my fav cryptocurrency."
"It's pretty cool," Musk said of winning the fictional title of CEO of Dogecoin at the time via a Twitter poll with 49% of the vote.
Musk beat out Ethereum ETH/USD co-founder Vitalik Buterin, who got 9% of the vote, Litecoin LTC/USD creator Charlie Lee, who got 8% of the vote and payment-processing platform Metal founder Marshall Hayner, who got 33% of the vote.
Another significant moment for Dogecoin's entry point based on Musk was on July 17, 2020. The billionaire shared a meme of Dogecoin passing the global financial system saying, "It's inevitable."
Musk later acquired Twitter for $44 billion in 2022. The acquisition was widely seen as a positive for Dogecoin. Musk rebranded Twitter to X to get closer to his vision for an "everything app."
With plans to integrate payments into the social media company, some crypto experts and enthusiasts see Dogecoin as a potential winner.
Related Link: How To Buy Dogecoin
Investing $100 In Dogecoin: The meme coin traded at $0.002552 on April 2, 2019, around the time of Musk's first tweet mentioning Dogecoin. If you bought $100 in Dogecoin at that time, you would have 39,185 DOGE today.
The value of the $100 investment would now be worth $3,837.39 today based on a current Dogecoin price of $0.09793 at the time of writing. This represents a hypothetical return of 3,737.4%.
Dogecoin traded at $0.003084 on July 17, 2020, at its highest price. A $100 investment on that day could have bought 32,425 DOGE. The value of the $100 investment would have grown to $3,175.38 today. This represents a hypothetical return of 3,075.4%
Dogecoin hit an all-time high of $0.07376 in May 2021. At its peak, these $100 investments in Dogecoin based on Musk’s tweets would have been worth $28,902.86 and $23,916.68, respectively.
Investors who followed the Dogecoin storyline alongside Musk's interactions on social media would likely be saying "Much Wow!" today.
Photo: Shutterstock, Unsplash
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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