Tesla chief Elon Musk has been one of the most vocal supporters of the meme currency Dogecoin (CRYPTO: DOGE). He often tweets about it and the Shiba Inu-themed cryptocurrency, which often leads to spikes in its valuation. One of the reasons for its versatility is its acceptance by many people.
Let’s take a look at how much Dogecoin has increased in value since Musk first tweeted about it.
Original Tweet: In response to a tweet, Musk wrote “Dogecoin might be my fav cryptocurrency” on April 2, 2019. Two years later, he asked people to vote on Twitter to make him the “CEO of Dogecoin” and the poll was met with overwhelming response. Musk was declared the winner with 49% of the vote.
@elonmusk You can’t decline! pic.twitter.com/5F0RAncfBo
— I am Hodler 🔑 (@iamhodler) April 2, 2019
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He beat out Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin, who secured 9% of the votes, Litecoin (CRYPTO LTC) creator Charlie Lee, who had 8%, and the payments-processing platform Metal Founding founder Marshall Hayner, who got 33%.
Another point of reference is the first time Musk tweeted about Dogecoin. This was on July 17, 2020, when he shared a meme about the virtual currency surpassing the global financial system. “One Dogecoin could be worth one dollar,” he wrote in the tweet. On that day, Dogecoin was trading at a measly $0.0022.
As of February 2021, Dogecoin was trading at $0.08. Anyone who invested $100 in Dogecoin on the day Musk first wrote about it would now have a grand total of $37,835.97, representing a gain of 37,735%.
The surge in Dogecoin’s price can be attributed to the celebrity support it has been receiving. Apart from Musk, other famous people who have given it their backing include Snoop Dogg, Mark Cuban, and Kiss frontman Gene Simmons.
system statement “It was just a matter of time.”
It was only a matter of time pic.twitter.com/eBKnQm6QyF
— Elon Musk (@elonmusk) July 18, 2020
Musk often tweets concerning Dogecoin, which can create jumps in the cost of the meme coin. Tesla CEO’s social media post on Friday took some followers aback.
“I used to be in crypto, but now I’m focused on AI,” Musk tweeted.
Musk’s tweet may have been referring to the growing number of investments in artificial intelligence. Dogecoin was soon taken down.
Related Link: ‘I’m Mostly Supporting Doge,’ Elon Musk Likes That Dogecoin Has The Memes, Dogs And A Sense Of Humor
Dogecoin Return: Dogecoin was valued at $0.002552 on April 2, 2019, when Musk posted his first tweet about Dogecoin. If you had invested $100 in Dogecoin at that time, you’d have 39,185 DOGE. The value of the $100 investment would now be $2,999.61 based on the current Dogecoin rate, which is $0.07655 at the time of writing.
Dogecoin was priced at $0.003084 on July 17, 2020, when it reached its highest price. On that day, a $100 investment could have purchased 32,425 DOGE. The Today, the value of the $100 investment would be $2,482.13.
Dogecoin The record-breaking $0.7376 mark was reached in May 2021. At At their highest, these $100 investments in Dogecoin According to Musk’s tweets would have been worth $28,902.86 and $23,916.68 respectively.
Read Next: Elon Musk’s Favorite Crypto Dogecoin Did Not Have The Best Year — But It Still Outperformed Tesla In 2021
Photo: Courtesy Of Dunk flickr
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