The world’s richest man shared that he’s shopping for a number one meme cryptocurrency within the current crypto bear market. Right here’s a take a look at how a lot a small funding might develop.
What Occurred: Over the weekend, Tesla Inc TSLA CEO Elon Musk shared that he’s nonetheless supporting Dogecoin DOGE. Musk additionally instructed a consumer on Twitter that he was shopping for DOGE with the value at the moment down.
I’ll maintain supporting Dogecoin
— Elon Musk (@elonmusk) June 19, 2022
Musk has been a protracted supporter of the meme cryptocurrency, together with his first mention courting again to April 2, 2019 on Twitter Inc TWTR.
“Dogecoin would possibly by my fav cryptocurrency. It’s fairly cool,” Musk tweeted.
Dogecoin hit an all-time high of $0.7376 in Could 2021, which coincided with an look by Musk on “Saturday Night time Reside.”
Dogecoin rapidly fell from its highs and has traded between $0.04972 and $0.3510 over the past 52-weeks.
The current feedback from Musk have helped increase the value of Dogecoin, with the cryptocurrency up 5% over the past seven days versus respective declines of 14% and 11% for Bitcoin and Ethereum.
Associated Hyperlink: How To Buy Dogecoin
Investing $100 in Dogecoin: The worth of Dogecoin might proceed to rise, with Musk vocalizing his assist for the crypto as soon as once more. He has typically been a catalyst to assist increase the value and potential utility of the meme crypto.
A $100 funding in Dogecoin at the moment might purchase 1,691.76 DOGE.
If Dogecoin can proceed rising and hit 25 cents, the $100 funding could be wroth $422.94. This represents a return of 323%.
There isn’t a assure cryptocurrencies will return to ranges seen final yr. The article is an train to show how a small funding might add up over time if cryptocurrencies can bounce again.
Picture: Created with a picture from TED Conference on Flickr