If you invested $1k in Dogecoin when Musk started D.O.G.E, you’d now have this much

Summary ⚈ Dogecoin is down 35% since Elon Musk began his government role. ⚈ Musk’s influence on DOGE has faded amid broader market trends. ⚈ DOGE recently surged, fueling talk of it rivaling Bitcoin. Although Dogecoin ( DOGE ) is up nearly 40% in the past week, investors who bet on the meme coin when its top supporter, Elon Musk, officially began his government role would be in losses. Musk officially took over his position at the Department of Government Efficiency (D.O.G.E) on January 20, when the coin was valued at $0.35. Contrary to expectations that his appointment would fuel a Dogecoin rally, the cryptocurrency has since plunged 35%, trading at $0.23 at press time. As a result, investors who put $1,000 into DOGE on January 20 would have seen their initial investment shrink to just $647.90, reflecting a loss of $353. DOGE YTD price chart. Source: Finbold Indeed, when Musk assumed his role in the Department of Government Efficiency, speculation was high that his influence might boost Dogecoin’s price. Many investors anticipated his high-profile presence could spotlight the meme coin, especially given his long-standing association with it. Diminishing Musk’s impact on DOGE price However, Musk’s impact on Dogecoin’s price action appears to have diminished in recent months. The meme coin has instead moved in tandem with the broader crypto market . This trend, combined with Musk’s lack of significant Dogecoin-specific commentary since joining the Donald Trump administration, highlights how market-wide volatility, not influential personalities, has become a dominant price driver. Interestingly, the meme coin has soared with Musk now stepping back from his D.O.G.E. role. According to a Finbold report , this rally has reportedly led to a surge in Dogecoin millionaires. Meanwhile, a growing market segment is beginning to view Dogecoin as a potential next-generation store of value, possibly outpacing Bitcoin. To this end, Finbold reported that investor Raoul Pal suggested Dogecoin could become the “hardest currency on Earth,” citing its price performance relative to Bitcoin ( BTC ) over the past decade. Featured image via Shutterstock The post If you invested $1k in Dogecoin when Musk started D.O.G.E, you’d now have this much appeared first on Finbold .

Source: Finbold