Elon Musk Is Still Buying Dogecoin, If You Join Him And Invest $100, Here's How Much You'll Have If DOGE Gets Back To 25 Cents

© Reuters Elon Musk Is Still Buying Dogecoin, If You Join Him And Invest $100, Here’s How Much You’ll Have If DOGE Gets Back To 25 Cents

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 (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: NYSE:).

“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 and .

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.

Read More   Driving Cryptocurrency Adoption: Fintech's Key Role in Bridging the Gap Between Crypto and Fiat - FX Empire

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

© 2022 Benzinga does not provide investment advice. All rights reserved.

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