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BTC 
DOGE 
ETH Musk once called Dogecoin the "people's cryptocurrency", but now investors 'books have shrunk by 60%
In October 2021, Elon Musk gave Dogecoin its most enduring nickname. In explaining why he supported the memecoin, the CEO of Tesla and SpaceX said his support stems from a simple reason: he believes it is "the people's cryptocurrency."
Nearly five years later, mathematical data has told a more cruel story for those who enter because of their endorsement.
The tweet that sparked discussion
Musk made the above comments on October 24, 2021, when he responded to an article citing a report that showed that about one-third of U.S. cryptocurrency holders own Dogecoin.
He posted on social platform X that many employees on Tesla's production line and SpaceX employees hold the currency, and they are not financial experts or Silicon Valley insiders. Based on this, he believes that this makes dogcoin a "people's cryptocurrency."
In another interaction with Platform X, Musk said that the only cryptocurrencies he personally held were Bitcoin, Ethereum and Dogcoin. According to Yahoo Financial data, on that day (October 25, 2021), DOGE's closing price was US$0.2647.
How much is the US$1000 invested in it worth now?
If you invested US$1000 at the current price, you could purchase approximately 3,778 DOGE units. As of September 8, 2026, with the trading price of Dogecoin hovering around US$0.09, the value of this investment is now approximately US$341, with a loss of approximately 66%, which is a loss of nearly US$660 relative to the original principal.
The timing of entry is extremely unfavorable: if the same $1000 was bought during the peak of Dogecoin in May 2021, it would be worth only about $122 today, according to Coinbase data.
Still well below all-time highs
Musk's comments came months after Dogecoin hit a record high. This historical high is US$0.7376 and was born on May 8, 2021 (data source: Coinbase). Although the currency briefly rebounded to nearly US$0.48 in late 2024, it then slipped below US$0.10, and its current price is down about 88% from the historical record.
Over the past year, DOGE's price range has reportedly fluctuated roughly between $0.068 and $0.31. It remains the 11th largest cryptocurrency by market value, with a total value of approximately US$14 billion.
