Benzinga - The price of cryptocurrency Dogecoin (CRYPTO: DOGE) has experienced a rise in recent days hitting highs not seen since April.
Here's a look at how much Dogecoin has grown in value since Elon 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.
Dogecoin might be my fav cryptocurrency. It's pretty cool.— Elon Musk (@elonmusk) April 2, 2019
Musk beat out Ethereum (CRYPTO: ETH) co-founder Vitalik Buterin, who got 9% of the vote, Litecoin (CRYPTO: LTC) 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."
It's inevitable pic.twitter.com/eBKnQm6QyF— Elon Musk (@elonmusk) July 18, 2020
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.
Related Link: How To Buy Dogecoin
Dogecoin Return: 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 $3,299.38 based on a current Dogecoin price of $0.08420 at the time of writing. This represents a hypothetical return of 3,199.4%
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 $2,730.19 today. This represents a hypothetical return of 2,630.2%.
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.
Read Next: 5 Things You Might Not Know About Kabosu, The Good Boy Who Inspired Dogecoin
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