Billionaire Elon Musk Has a New Idea That Could Make Dogecoin Investors Very Happy. But Will It Work?
2026-06-05 13:40:00 ET
Dogecoin (CRYPTO: DOGE) , which was created as a parody of Bitcoin (CRYPTO: BTC) , reached its all-time high of $0.74 on May 8, 2021 -- the same day Elon Musk, its most prominent backer, hosted Saturday Night Live. But as of this writing, it trades at about $0.08.
Dogecoin, like many other meme coins, fizzled out as rising interest rates and other macro headwinds chilled the cryptocurrency market . Without a supply limit, Dogecoin couldn't be valued by its scarcity, as Bitcoin is. Without native support for smart contracts, Dogecoin couldn't be valued as a blockchain-based developer ecosystem like Ethereum (CRYPTO: ETH) . That's why it struggled to recover even as Bitcoin and Ether bounced back.
Image source: Getty Images.
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