Benzinga - One of the most prominent supporters of meme cryptocurrency Dogecoin (CRYPTO: DOGE) over the years has been Tesla CEO Elon Musk.
Musk’s first mention of Dogecoin came in 2019 and many more references appeared in 2020 and 2021.
Here’s a look at the performance of the cryptocurrency after one of Musk’s most famous Dogecoin-related tweets.
What Happened: Musk’s history with Dogecoin on Twitter dates back to April 2, 2019. Musk replied to a tweet by saying, “Dogecoin might be my fav cryptocurrency. It’s pretty cool.”
The response came to a poll that saw Musk the winner of the fictional title of CEO of Dogecoin.
Musk’s first tweet about Dogecoin that wasn’t a reply came on July 17, 2020, when Musk shared a meme of Dogecoin passing the global financial system saying, “It’s inevitable.”
While Musk tweeted multiple times about Dogecoin in 2020, one of the more famous mentions was on Dec. 20, 2020, when Musk tweeted “One Word: Doge.”
The tweet has over 207,000 likes and more than 23,000 retweets. Dogecoin had a 2021 to remember, hitting all-time highs and trending as one of the most talked-about topics worldwide.
The coin’s price went from $0.0047 to $0.1705 from start to finish in 2021, hitting all-time highs of $0.7376 in May 2021.
Musk supported Dogecoin with tweets and had several of his companies including Tesla accept the cryptocurrency for payment on merchandise.
Related Link: How To Buy Dogecoin
Investing $1,000 in Dogecoin: The price of Dogecoin hit a high of $0.004678 on Dec. 20, 2020, when Musk shared one of his more famous tweets about the meme cryptocurrency.
Dogecoin often saw spikes in 2020 and 2021 when the Tesla CEO mentioned the cryptocurrency.
A $1,000 investment in Dogecoin on Dec. 20, 2020, could have purchased 213,766.57 DOGE. That Dogecoin would be worth $18,783.67 today, based on a price of $0.08787 for Dogecoin at the time of writing.
Dogecoin hit an all-time high of $0.7376 in May 2021. The Dogecoin investment from the day of Musk’s 2020 tweet would have been worth $157,674.22 at the crypto's peak price.
While Musk said there was only one word, anyone who invested in Dogecoin in December 2020 might have multiple words for describing the return on their investment, including, “Much WOW!”
There is no guarantee that Dogecoin will trade higher in the future. As shown above, the meme cryptocurrency can often trade in reaction to tweets from Elon Musk, who is the second most followed person on Twitter.
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Photo: Courtesy of Dunk on flickr
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