Elon Musk (CEO of Tesla and SpaceX) is undoubtedly one of the most influential contemporary figures. Musk's impact on cryptocurrency, particularly Dogecoin (DOGE), is undeniably impressive. Musk's first DOGE tweet was over five years ago, in April 2019. Since this original tweet, DOGE has taken the financial world by storm, proving its lucrativeness for many investors. You can purchase and sell BTC & DOGE on eToro (available for both U.S and non-US traders), Benzinga's top pick for social investing and communal trading thanks to its dashboard features and active community. Sign up today to automatically receive $10 of your chosen crypto directly to your account.
With over a $15.5 billion market cap, DOGE has earned its spot as the most popular meme coin. Let's delve into how much your DOGE would be worth today if you invested $100 back when Musk first tweeted about DOGE.
On April 2, 2019, Musk posted on X (formerly known as Twitter) about DOGE, saying, "Dogecoin might be my fav cryptocurrency. It's pretty cool." Musk had around 25 million followers when he tweeted this, but his post only has 11,000 likes to date. Because of crypto's lack of popularity in 2019, his post had minimal impact on DOGE's price in the foreseeable future. In hindsight, Musk was manifesting one of the largest crypto revolutions ever.
DOGE's price at the time of Musk's tweet was a mere $0.003, with only a $300 million market cap. DOGE remained dormant until early 2021 when it saw its first big rally. By February 2021, DOGE's price increased by nearly 3,000% to $0.088. But this was just the beginning. DOGE consolidated for months following until April when DOGE began its parabolic run. DOGE reached all-time highs by May 2021, exploding to $0.7376, a nearly 25,000% increase since Musk's first tweet.
DOGE faced a rapid decline following this peak and continued that trajectory into the bear market. DOGE remained quiet until crypto's most recent comeback in early 2024, led by Bitcoin (BTC) conquering all-time highs with the help of its ETF approval. With more fear entering the market recently, DOGE's current price has dropped around 56% from its $0.228 peak in March 2024. Currently, DOGE is at approximately $0.10, a 3,233% increase since Elon first tweeted about it. This means if you had invested $100 in DOGE when Musk first tweeted about it, you would currently have around $3,233.
However, it’s essential to understand the risks associated with crypto. These significant market rallies and corrections can lead to substantial losses as quickly as they can lead to gains. For example, looking at how much you would have lost if you purchased DOGE during Musk’s SNL appearance, you would currently be down over 80%. It is crucial to be mindful of market conditions and navigate diligently through this unforgiving space.
Analysts mention that DOGE has promising aspects that could allow it to regain all-time highs. Most notably, Musk is DOGE's largest proponent, with outreach to 189.5 million followers on X. Musk's acquisition of Twitter in 2022, rebranded as X, also stirred speculation about DOGE integration for the platform's payment system. Although DOGE has minimal utility and is down significantly from highs, it remains one of the most talked-about digital currencies and will always have a name in crypto.
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