What $100 in Dogecoin Would Be Worth Today Since Elon Musk's First Mention

Elon Musk, the influential CEO of Tesla and SpaceX, has played a pivotal role in the cryptocurrency market, particularly in relation to Dogecoin (DOGE). Since Musk’s initial tweet about DOGE in April 2019, the cryptocurrency has experienced remarkable growth, becoming a popular investment choice. Currently, Dogecoin holds a market capitalization of over $15.5 billion, establishing itself as the top meme coin. This article explores the potential value of a $100 investment made at the time of Musk's first tweet.

On April 2, 2019, Musk tweeted on X (formerly Twitter), saying, "Dogecoin might be my fav cryptocurrency. It's pretty cool." At that point, he had around 25 million followers, but the tweet received just 11,000 likes. Given the limited interest in cryptocurrencies in 2019, this tweet had little immediate effect on Dogecoin’s price. However, it set the stage for a significant movement within the crypto landscape.

When Musk made his tweet, Dogecoin was valued at a mere $0.003, with a market cap of approximately $300 million. The cryptocurrency remained relatively inactive until early 2021, when it began to gain traction. By February 2021, Dogecoin’s price surged nearly 3,000% to $0.088, indicating the start of a substantial upward trend. After several months of consolidation, Dogecoin's value began to rise sharply in April 2021, reaching an all-time high of $0.7376 by May 2021—an extraordinary increase of nearly 25,000% since Musk's tweet. Following this peak, the cryptocurrency faced a significant decline, continuing throughout the bear market.

Dogecoin's activity remained subdued until early 2024, when the broader cryptocurrency market began to rebound, largely driven by Bitcoin's ascent to new all-time highs following ETF approvals. Despite recent fluctuations, Dogecoin's price has fallen about 56% from its peak of $0.228 in March 2024 and is currently trading at around $0.10. This still represents a remarkable 3,233% increase since Musk's initial tweet, indicating that a $100 investment at that time would now be valued at approximately $3,233.

It is crucial for investors to understand the risks associated with cryptocurrency trading. The market is notorious for its volatility, which can lead to dramatic price fluctuations, resulting in both significant gains and losses. For instance, those who bought Dogecoin during Musk's appearance on SNL would currently find themselves down over 80%. Therefore, staying informed about market trends and approaching investments with caution is essential.

Experts suggest that Dogecoin has several factors that could allow it to regain its previous highs. Musk continues to be the most prominent supporter of Dogecoin, with a following of 189.5 million on X. His acquisition of Twitter, now known as X, has raised speculation about potential integration of Dogecoin into the platform’s payment system. While Dogecoin currently lacks substantial utility and is significantly lower than its peak values, it remains one of the most discussed cryptocurrencies and continues to maintain a significant presence in the digital currency market.

Also Read: Top 3 Must-Buy Crypto Investments Before the Market Bounces Back