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Dogecoin (CRYPTO: DOGE) has been a trending storyline over the last week with the valuation of the meme cryptocurrency soaring ahead of what investors are calling #DogeDay420 on April 20.
Many retail traders have invested or traded Dogecoin over the last week and new reports show one member of the U.S. House of Representatives is also buying Dogecoin.
What Happened: U.S. Rep. Mark Green purchased Dogecoin on April 1 and April 14 according to Congresstrading.com. The purchases were in the amount of $1,001 to $15,000 on each occasion.
Green, a Republican, was elected in 2018 to represent the state of Tennessee.
How Much Is Green’s Stake Worth: On April 1, Dogecoin traded at a high of $0.0701. Taking the highest price of the day, Green would have been able to buy 14,265 Dogecoin for $1,000 or 213,980 Dogecoin for $15,000.
On April 14, Dogecoin traded as high as $0.1425. Taking the highest price of the day, Green would have been able to buy 7,017 Dogecoin for $1,000 or 105,263 Dogecoin for $15,000.
With the two purchases, Green acquired somewhere between 21,282 Dogecoin and 319,243 Dogecoin.
A $1,000 purchase each time would now be worth $17,078 based on today’s price of $0.4009. A $15,000 purchase each time would now be worth $127,985.
A U.S. House of Representative member receives an annual salary of $174,000. The gain from Dogecoin by the Congressman looks pretty good depending on how much he bought and if he held the whole time.