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 TSLA CEO Elon Musk shared that he is still supporting Dogecoin 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 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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