If You Bought $1K of Elon Musk’s Favorite Crypto 5 Years Ago, Here’s How Much You Would Have Now

Among cryptocurrency’s many proponents, none stands out more than Elon Musk, the maverick CEO of SpaceX and Tesla. Musk’s fascination with the world of crypto has been on full display in recent years, and he’s not shy about throwing his considerable influence behind his preferred digital coin: Dogecoin.

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So, what if you had invested $1,000 in what was then largely considered a “meme coin” when Musk first tweeted about it in April 2019? Keep reading for a look at Dogecoin, Musk’s involvement with the surprisingly popular crypto, and what $1,000 in Dogecoin would be worth today.

What Is Dogecoin?

Dogecoin’s journey from a goofy, internet culture-laden “joke currency” to a noteworthy player in the world of crypto is intriguing. The coin, which took its name and logo from the iconic Doge meme featuring a Shiba Inu dog, began as more of a fun initiative than a serious investment opportunity.

However, that all changed when Musk began championing it. Musk’s tweets and comments about Dogecoin brought it to people’s attention for the first time and lent it the credibility it hadn’t previously enjoyed.

The spotlight resulted in a significant surge in Dogecoin’s value and profile. This volatility, common to many cryptocurrencies, makes investing in it riskier than traditional investments, but potentially more rewarding. It’s a testament to Dogecoin’s resilience and the power of social media’s influence that despite these challenges, it continues to hold its own in the competitive and fast-paced crypto world.

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Would Dogecoin Have Been a Good Investment 5 Years Ago?

Five years ago, when Dogecoin was still undiscovered by the wider investing audience, a $1,000 investment might have seemed like an adventurous gamble. Being valued at less than a penny, Dogecoin didn’t seem to offer much in the way of financial opportunities. The coin was largely viewed as a light-hearted novelty, a playful footnote in the larger blockchain narrative.

If you had taken a leap of faith and invested that amount in Dogecoin, you would have secured quite a significant number of Dogecoin…