Several rappers have purchased the major cryptocurrency Bitcoin BTC/USD over the years, while meme coins like Dogecoin DOGE/USD, beloved by billionaires like Mark Cuban and Elon Musk, Very few rappers bought it.
One rapper took a chance on Dogecoin in 2021, but his timing may have been among the worst.
What Happened: Logic, 50 Cent, and Nas are also among the rappers who have invested in crypto companies and have bought Bitcoin or rapped about cryptocurrencies over the years.
Rapper Meek Mill announced on May 4, 2021 that he had purchased Dogecoin.
Meek Mill tweeted: “I just got my Doge and I’m tired of missing out.”
According to a report from XXL Mag, the rapper spent $50,000 on 92,411 Dogecoins.
The next day, Meek Mill asked his followers why the cryptocurrency was moving, tweeting, “What happened to Dogecoin?” while sharing a screenshot of his account.
Dogecoin traded between $0.400800 and $0.65998 on May 4, 2021, the date of the rapper’s purchase. No matter when investors buy Dogecoin, they will be depressed if they choose to follow this wrapper.
With a $1,000 investment, you could have bought 1,650.17 DOGE on May 4 based on that day’s high. The $1,000 investment would have declined by 82% since the rapper’s tweet.
It is unclear whether Meek Mill still holds Dogecoin, but depending on when he sells, Meek Mill’s position has fallen and he will likely incur a loss if he sells.
Also read: If you invested $1,000 in Dogecoin when Mark Cuban and Dallas Mavericks welcomed meme crypto, here’s how much you’d get now
Bad Timing for Meek Mill: Dogecoin continued to hit all-time highs just days after the rapper bought it. The all-time high was $0.7376 on May 8, which coincided with the day Musk appeared on “Saturday Night Live” and mentioned meme coins.
A tweet from May 4, 2021 suggested that Meek Mill was tired of missing out on opportunities and the timing may have cost him a huge profit.
On January 8, 2021, Meek Mill tweeted about cryptocurrencies.
“I want people who are smart to learn about stocks and cryptocurrencies!” the rapper tweeted.
The rapper didn’t learn about cryptocurrencies, at least Dogecoin, as his first investment was less than four months away.
Dogecoin traded between $0.009177 and $0.010867 on January 8, 2021.
If the rapper invested $1,000 at today’s high price, he could have bought 92,021.72 DOGE. Your investment in Dogecoin is now worth $10,011.96, an increase of 901.2%.
If Meek Mill had bought the same $50,000 worth of Dogecoin at the high price on January 8, 2021, he could have bought 4,601,085.86 Dogecoin.
The same investment is now worth $500,598.14 and was worth $3,393,760.93 at the coin’s all-time high.
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Photo: Meek Mill, Photo by Jake Giampa via Shutterstock
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