Benzinga - Restaurant giant McDonald’s Corporation (NYSE: MCD) has launched many new food items and marketing initiatives to drive sales over the years. One product staple launched in 1979 is the subject of an ongoing challenge from one of the richest people in the world.
What Happened: Cryptocurrency Dogecoin (CRYPTO: DOGE) enjoyed a strong 2021 with catalysts like companies using the meme coin in marketing and tweets coming from Mark Cuban and Elon Musk helping to create awareness and momentum.
Over the last two years, more retailers have begun accepting Dogecoin for payment for merchandise, including Tesla.
One retailer that has not launched mass acceptance of Dogecoin yet is McDonald’s, one of the largest restaurant companies in the world.
Elon Musk offered in January 2022 that he would eat a Happy Meal on television if McDonald’s accepted Dogecoin as a payment option.
The tweet from Musk came after speculation grew that McDonald’s was planning to accept Dogecoin, which turned out to be untrue.
Musk recently confirmed that he was still open to the challenge if McDonald's did their part.
The Happy Meal was launched globally by McDonald’s in 1979 and has been one of its biggest hits. The item is available as a meal option for kids with an entrée like a burger or chicken nuggets, a kid fry, apple slices, a beverage and a toy.
The tweet by Musk sent the price of Dogecoin higher in 2022. Here’s a look at how the cryptocurrency has performed since that time.
Related Link: How To Buy Dogecoin (DOGE)
Investing $100 in Dogecoin: An investor could have speculated on Dogecoin based on the tweet from Musk with the cryptocurrency likely heading higher if McDonald’s and Musk followed through with accepting the cryptocurrency and Musk eating the Happy Meal on television.
A $100 investment at the time of Musk’s tweet could have purchased 691.89 DOGE based on a price of $0.144532 at the time.
The $100 investment would be worth $59.99 today, based on a price of $0.086709 per DOGE at the time of writing. This represents a decline of 40% since the tweet from Musk.
A $100 investment in McDonald’s over the same time period would be up 7.9%, or a gain of $7.90, which could buy a couple of Happy Meals now.
Read Next: 10 Companies That Now Accept Shiba Inu And Dogecoin As Payment
Photo: Created with an image from Blue Willow and Unsplash.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.