On Tuesday, Dogecoin (CRYPTO: DOGE) experienced a surge, rising by 11%. This marked a milestone for the cryptocurrency as it broke past the 8-cent threshold, a level it hadn't reached since May. The price spike came after earlier reports that Tesla removed Bitcoin as an accepted cryptocurrency, while retaining Dogecoin.
Tesla CEO Elon 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.
Here is a look at how much Dogecoin has grown in value since Musk first mentioned the cryptocurrency.
First Tweet: To get a starting value for Dogecoin, we will look at two price points. On April 2, 2019, Musk replied to a tweet saying "Dogecoin might be my fav cryptocurrency." Years later, Musk would acquire social media platform Twitter.
"It’s pretty cool." The response came to a poll that voted Musk the winner of the fictional title of CEO of Dogecoin with 49% of the vote.
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.
@elonmusk You can't decline! pic.twitter.com/5F0RAncfBo
— I am Hodler 🔑 (@iamhodler) April 2, 2019
The other starting point is the first time Musk tweeted about Dogecoin, which was on July 17, 2020. 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 recently announced Twitter has rebranded to X, which gets closer to his plans for an everything app.
With plans to integrate payments into the social media company, some crypto experts and enthusiasts see Dogecoin a potential winner.
Related Link: How To Buy Dogecoin (DOGE)
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 $3,227.28 based on a current Dogecoin price of $0.08236 at the time of writing.
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 $2,670.52 today.
Dogecoin hit an all-time high of $0.7376 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: Elon Musk Quietly Embeds Dogecoin Symbol In Twitter Bio
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