LIVEThe Value Of The $1000 DOGE Investment In 2019 Would Be Worth Over $50K Today - What Does Elon Musk Think of DOGE Today?
Over five years ago, Elon Musk first posted about Dogecoin ($DOGE ) on social media. Since then, the token has exploded in popularity, reaching all corners of the internet and generating tens of billions in investment. The first posts about DOGE seemingly came out of nowhere but had a huge impact on the price. Let’s take a look at what would have happened if you had the foresight to invest when Musk first tweeted about DOGE.
On April 2, 2019, Musk posted on X, saying “Dogecoin might be my fav cryptocurrency. It’s pretty cool.” To this day, the post only has 11,0000 likes, a small fraction of the hundreds of thousands that Musk regularly receives in 2024. However, this small and innocent post would spark a memecoin revolution
At the time of the tweet, DOGE was worth around $0.003, or less than 1/30 of one cent. However, at highs in May 2021, the price of DOGE reached $0.7376. This marked an increase of nearly 24,500% in just over two years. So, if you invested $1,000 in DOGE on April 2, 2019, it would have been worth $245,860 at highs in 2021
The price of DOGE has since fallen to around $0.16. However, this is still an increase of over 5,000% from the first tweet from Musk, and an investment of $1,000 would currently be worth over $50,000. This marks a compounded annual growth rate (CAGR) of over 120%
Musk has played a huge role in the success of DOGE. While the initial tweet did not have much of an impact on the price, Musk continued to post about DOGE over the next few years, helping to raise about the token. In 2021 DOGE took on a mind of its own, blowing up on social media and experiencing exponential growth. In 2022, Tesla began allowing customers to pay for certain products (mostly merchandise) with DOGE. This announcement also gave a small boost to the price of DOGE
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