The price of cryptocurrency Dogecoin DOGE/USD is hitting one-month highs this week on the heels of new connections to Tesla CEO Elon Musk, who has often been involved in volume and price increases for the meme crypto.
Here's a look at how much Dogecoin has grown in value since Musk first mentioned the cryptocurrency.
First Tweet: Musk is the richest person in the world and also one of the most vocal supporters of the Shiba Inu-themed meme cryptocurrency. In the past, tweets by Musk about Dogecoin have led to spikes and high volatility.
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 in 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 was on July 17, 2020, marked by Musk's tweet about the digital currency.
On that fateful day, Musk shared a meme of Dogecoin passing the global financial system saying, “It’s inevitable.”
Dogecoin 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 $5,474.14 based on a current Dogecoin price of $0.1397 at the time of writing. This represents a hypothetical return of 5,374.1%
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 $4,529.77 today. This represents a hypothetical return of 4,429.8%
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.
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What's Next: Musk acquired social media platform 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.
In recent months, Musk may be the reason behind increased volatility and a higher price for Dogecoin as he could be in line for the role of leading the "Department of Government Efficiency" or "D.O.G.E." for short, if Donald Trump is elected president.
The new agency has led to Musk tweeting items like "D.O.G.E will fix it" at times, which has led to spikes in the price of Dogecoin.
There's also an open challenge with restaurant giant McDonald's dating back to January 2022, when Musk said he would eat a Happy Meal on television if the restaurant company accepted Dogecoin as a payment option.
The tweet from Musk came as speculation grew that McDonald’s was planning to accept Dogecoin, which turned out to be untrue.
Musk confirmed again in 2023 that he was still open to the challenge if McDonald’s did their part.
DOGE Price Action: DOGE trades at $0.1397 at the time of writing, hitting new monthly highs on Friday. The meme crypto has traded between $0.0587 to $0.2266 over the last 52 weeks.
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This article was previously published by Benzinga and has been updated.
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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