The world’s richest man shared that he is buying a leading meme cryptocurrency in the recent crypto bear market. Here’s a look at how much a small investment could grow.
What Happened: Over the weekend, Tesla Inc (NASDAQ:TSLA) CEO Elon Musk shared that he is still supporting Dogecoin (CRYPT:DOGE). Musk also told a user on Twitter that he was buying DOGE with the price currently down.
Musk has been a long supporter of the meme cryptocurrency, with his first mention dating back to April 2, 2019 on Twitter Inc (NYSE:TWTR).
“Dogecoin might by my fav cryptocurrency. It’s pretty cool,” Musk tweeted.
Dogecoin hit an all-time high of $0.7376 in May 2021, which coincided with an appearance by Musk on “Saturday Night Live.”
Dogecoin quickly fell from its highs and has traded between $0.04972 and $0.3510 over the last 52-weeks.
The recent comments from Musk have helped boost the price of Dogecoin, with the cryptocurrency up 5% over the last seven days versus respective declines of 14% and 11% for Bitcoin and Ethereum.
Related Link: How To Buy Dogecoin
Investing $100 in Dogecoin: The price of Dogecoin could continue to rise, with Musk vocalizing his support for the crypto once again. He has often been a catalyst to help boost the price and potential utility of the meme crypto.
A $100 investment in Dogecoin today could buy 1,691.76 DOGE.
If Dogecoin can continue rising and hit 25 cents, the $100 investment would be wroth $422.94. This represents a return of 323%.
There is no guarantee cryptocurrencies will return to levels seen last year. The article is an exercise to demonstrate how a small investment could add up over time if cryptocurrencies can bounce back.
Photo: Created with an image from TED Conference on Flickr
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