Several rappers have bought leading cryptocurrency Bitcoin BTC/USD over the years, but fewer have bought meme coins like Dogecoin DOGE/USD, which is loved by billionaires like Mark Cuban and Elon Musk.
One rapper took a chance on Dogecoin in 2021, but his timing may have been among the worst.
What Happened: Logic, 50 Cent and Nas, who also invested in cryptocurrency companies, are among the rappers who have bought Bitcoin or rapped about the cryptocurrency over the years.
Rapper Meek Mill announced on May 4, 2021, that he bought Dogecoin.
"I just grabbed some doge I'm tired of missing out," Meek Mill tweeted.
The rapper spent $50,000 on 92,411 Dogecoin according to a report from XXL Mag.
Meek Mill tweeted a day later "what's up wit doge coin" asking his followers why the cryptocurrency was moving, sharing a screen shot from his account.
Dogecoin traded between $0.400800 and $0.65998 on May 4, 2021, the date of the rapper's purchase. No matter when investors bought Dogecoin they would be down if they chose to follow the rapper.
A $1,000 investment could have bought 1,650.17 DOGE on May 4 based on the highest price of the day. The $1,000 investment would be down 82% since the rapper's tweet.
While it is unknown if Meek Mill still holds any Dogecoin, the rapper would be down on his position and likely took a loss if he sold, depending on when his sale was made.
Meek Mill's Bad Timing: Dogecoin went on to hit all-time highs just days after the rapper made the purchase. The all-time high was $0.7376 on May 8, a date which coincided with Musk appearing on "Saturday Night Live" and mentioning the meme coin.
The May 4, 2021 tweet signaled Meek Mill was tired of missing out and his timing may have missed out on some huge profits.
On Jan. 8, 2021, Meek Mill tweeted about cryptocurrency.
"I need everybody that rock wit me to learn about stocks and crypto currency!" the rapper tweeted.
The rapper didn't learn about cryptocurrency — or at least Dogecoin — as his first investment wouldn't come for four more months.
Dogecoin traded between $0.009177 and $0.010867 on Jan. 8, 2021.
A $1,000 investment by the rapper at that day's high price could have bought 92,021.72 DOGE. The Dogecoin investment would be worth $10,011.96, up 901.2%.
If Meek Mill bought the same $50,000 in Dogecoin at the high price on Jan. 8, 2021, he could have bought 4,601,085.86 DOGE.
That same investment would be worth $500,598.14 today and would have been worth $3,393,760.93 at the coin's all-time high.
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Photo: Meek Mill, photo by Jake Giampa via Shutterstock
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