Elon Musk's support boosts Dogecoin value from joke to $71,835 in 5 years.

From Nasdaq: 2024-04-06 10:00:42

Elon Musk, CEO of SpaceX and Tesla, is a vocal supporter of Dogecoin, a cryptocurrency he frequently tweets about. Musk’s influence has helped increase Dogecoin’s value and profile in the crypto world, showcasing the power of social media in investments.

Dogecoin, initially seen as a joke currency, gained credibility when Musk endorsed it. Despite its volatile nature, Dogecoin has thrived, with a $1,000 investment in 2019 now worth over $71,000, highlighting the coin’s remarkable growth and potential for high returns.

Investing $1,000 in Dogecoin five years ago would have resulted in nearly 400,000 Dogecoins, now valued at around $71,835. Dogecoin’s price history reflects its resilience and growth, thanks to the influence of high-profile figures and social media in the cryptocurrency market.

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