What Cryptos Does Elon Musk Promote? The Dogecoin Story and Its Stunning 67x Returns

When Elon Musk decided to back a digital currency once dismissed as internet comedy, few anticipated what would unfold. That endorsement would become a masterclass in how social media influence reshapes market dynamics—and how contrarian bets can deliver extraordinary returns.

The Numbers That Tell the Story

Fast forward to today, and the math is undeniable. A modest $1,000 stake placed in dogecoin back in April 2019—when Musk first signaled his interest—would have grown into approximately $67,400. That’s not a typo. An initial position of 391,849 dogecoins at an entry price of $0.002552 has transformed into a life-altering return, assuming you held through the volatility.

This raises an obvious question: what coins does Elon Musk own or champion, and why does his approval matter so much?

From Meme Joke to Mainstream Asset

Dogecoin’s origin story reads like Silicon Valley satire. Launched as a playful jab at cryptocurrency’s seriousness, the coin borrowed its iconic branding from the Shiba Inu meme that dominated early 2010s internet culture. For years, the broader investing community treated it as a joke—a novelty that serious traders wouldn’t touch.

Then Musk started tweeting.

His public advocacy didn’t just grab headlines; it fundamentally shifted market perception. Before 2019, dogecoin languished in obscurity. Musk’s consistent attention transformed it from punchline into a genuine speculative asset. Each of his posts seemed to trigger buying frenzies, creating the kind of price momentum that traditional financial advisors warn against but that momentum traders dream about.

Understanding the Price Trajectory

The six-year journey has been anything but linear. While the $1,000 investment would have peaked at significantly higher valuations, the current trading price of dogecoin sits at $0.12 (as of late 2025). This reflects the cyclical nature of cryptocurrency markets—boom periods followed by sharp corrections.

What’s remarkable isn’t just the absolute gain, but the resilience. Despite facing criticism for its lack of utility compared to other cryptocurrencies, dogecoin has maintained relevance. Its community remains engaged. The coin continues trading. Volatility persists, but so does its presence in the digital asset ecosystem.

The Reality Check: High Returns Come With High Risk

Let’s not oversell the narrative. Cryptocurrencies, including dogecoin, operate in a realm of extreme uncertainty. The price swings can be brutal. An investment that reached $67,400 could have also experienced 70-80% drawdowns during market downturns. Timing matters enormously.

Regulatory changes, technological shifts, and the perpetually unpredictable behavior of markets mean dogecoin’s future trajectory remains speculative. Those early adopters who held through corrections demonstrated extraordinary conviction—or perhaps lucky timing.

What This Tells Us About Musk’s Influence

The dogecoin phenomenon illuminates a deeper truth about modern markets: celebrity and influence, regardless of fundamental backing, can move massive amounts of capital. Whether this is healthy for markets remains debatable. What’s clear is that Musk’s association with specific cryptocurrencies has become a material factor in their valuation.

For investors considering similar positions today, the historical returns are compelling but retrospective. The real lesson: high-reward opportunities typically demand matching risk tolerance and conviction. Dogecoin’s journey from dismissed novelty to multi-billion-dollar asset demonstrates that markets can surprise—but only for those positioned correctly when surprises arrive.