One of the most remarkable outflowers of waves in the crypto currency world began with Elon Musk’s interest in Dogecoin. Even though it is still controversial today, a tweet that Musk fired years ago changed Dogecoin’s fate. So, how would someone who entered this road with a small investment that day be today?
He said, “My favorite coin,” he said, the price jumped
On April 2, 2019, Elon Musk expressed his interest in Dogecoin with a short but effective sharing on X (formerly twitter). Musk said that Dogecoin was “quite cool ve and could be a favorite crypto currency. This single sentence had a chained effect on the price of Dogecoin.
The day in question, Dogecoin was only $ 0.0025. After Musk’s sharing, the price increased by 16 %in the first place and a total of 40 %in the following days. But it was just a beginning. In May 2021, Dogecoin rises to $ 0.7316 and signed one of the largest rates of history.
Million Journey to 5.000 Dollars
If you had bought $ 5,000 when that tweet was thrown, you would have about 1,960,000 dogecoins. Today, the cost of Dogecoin is traded at $ 0.1661. So if you had spoiled this investment today, the amount you will get would be about 321,000 dollars. This means an increase of over 6,300 %.
An investor who invested 10,000 dollars on the same date would have received approximately 3,918,000 domes. With today’s price, this amount is equivalent to $ 643,000. If these amounts were calculated at the peak point of Doge, 3.5 times more amount would be revealed.
Has the Elon Musk effect decreased?
Over the years, Elon Musk maintained his relationship with Dogecoin. The nickname “Doge Father ,, temporarily replaced the X logo with the Dogecoin mascot and refers to Dogecoin in various events, and enlarged this effect from time to time. However, the effect of each sharing is not as strong as before. The community is divided into two: Some people see Musk as figures that play a key role in the growth of the project, while others think that he underestimated Dogecoin.
However, there is one thing that is certain: Elon Musk’s first view of Dogecoin was not only a social media post, but a turning point that changed life for some investors.
