Considering Dogecoin (DOGE +1.85%) started as a joke, its success is hard to believe. The meme coin is worth $27 billion as of Nov. 7, making it one of the top 10 cryptocurrencies.
However, Dogecoin is also down 49% in 2025, which is the worst performance out of those top coins. If you've been thinking about buying the dip, there's an important Dogecoin trend you should know about first.
Image source: Getty Images.
The Elon Musk connection
Dogecoin's best moments have been two brief periods in 2021 and 2024. The first was when it reached an all-time high of $0.74 on May 8, 2021, in the lead-up to Elon Musk's appearance on Saturday Night Live. The second was last year, when it surged after the election of Donald Trump. Musk supported the Trump campaign and became head of the newly created Department of Government Efficiency (DOGE).
Those are the two most prominent examples, but Musk has impacted Dogecoin's price quite a few times over the years. That's concerning, as it demonstrates how the success of Dogecoin is dependent on hype.
CRYPTO: DOGE
Key Data Points
Hype isn't a reliable source of value for a cryptocurrency, and it tends to be short-lived. Dogecoin may be an amusing diversion, but think twice before putting your hard-earned money into it.
