Investing $5,000 and $10,000 in Dogecoin When Elon Musk First Tweeted About It Would Have Yielded Staggering Gains

Dogecoin, the largest meme coin by market cap, has had a long-standing bromance with Tesla founder Elon Musk.

Elon Musk has been a huge fan of Dogecoin for a long time, and he's never shied away from saying so on X, formerly Twitter.

The Tesla founder has been known to personally contribute to the amusement of his 188 million followers with his own unique brand of humor, frequently poking fun at topics ranging from the SEC to Bitcoiners. However, one constant theme throughout his various posts has been his affection for the Shiba Inu mascot-themed meme coin.

For instance, just last September, Musk was spotted referring to himself as the "Doge Father" during a public appearance, a testament to his enduring love for the token.

Earlier in April 2023, he had a new logo made for X and unveiled the Doge meme as the platform's new image, which predictably led to a 30% surge in the asset's price.

While this has aggrieved a faction of the Dogecoin community, who believe the billionaire is maliciously toying with the crypto sphere, Musk's impact has generally been bullish for the prominent meme coin.

Let's take a look at Dogecoin's price when the X owner first tweeted about it and how much a $5,000 and $10,000 investment would have yielded at the current market price.

Dogecoin's Price When Musk First Tweeted

The billionaire made his first Dogecoin comment on April 2, 2019. In the viral tweet, Musk stated that DOGE might be his favorite cryptocurrency, adding that the asset was "pretty cool."

Notably. DOGE started the day at $0.002538 and touched a high of $0.002588. Meanwhile, the comment contributed to a 16% rally on the day, which extended to over 40% in the next three days.

Dogecoin continued its parabolic expansion from there, rallying a jaw-dropping 29,852% to its current all-time high of $0.7488 in May 2021. Meanwhile, the meme coin has sustained a 78% retracement from the high to reach its market price of $0.1641 today.

At the time of writing on Tuesday, October 10, DOGE trades at $0.1630, up 1.46% in the past 24 hours.

Returns On A $5,000 And $10,000 Investment When Musk First Tweeted

Despite the recent market downturn, Dogecoin is still up 6,330% from its price when Musk first tweeted about it. Such an impressive percentage gain would turn meager investments at the time into staggering gains in today's market.

If a user bought $5,000 of the token at $0.002552, it would culminate in 1,960,784 DOGE.

If the user were to sell this stash at its current market price of $0.1630, it would increase to $321,765. This amounts to an incredible 6335% appreciation on the initial investment.

Moreover, a $10,000 investment in Dogecoin at its price of $0.002552 on April 2, 2019, would give a higher asset share and thus, weightier returns.

At the time, $10,000 would buy you 3,918,495 DOGE, which is valued at $643,025 in today’s market.

This is a staggering 5330% return on the initial investment over the past four years. It also makes it the best performing cryptocurrency in the market today.

If a time traveller were to travel back to April 2, 2019, and invest $5,000 in Dogecoin at the time, they would be able to cash out for a staggering $321,765 today. An investment of $10,000 would yield an even more impressive $643,025.

It is important to note that cryptocurrency investments are speculative and carry a significant risk of loss. Always conduct thorough research and consult with a financial advisor before making any investment decisions.