Dogecoin and other cryptocurrencies have made investors optimistic about the future. However, many analysts and investors are hoping for the same as last year when the crypto coins recorded a new all-time high.
While thinking about the crypto boom period, a Twitter user with the username @cocochaneladair shared the previous chart of Dogecoin when the cryptocurrency reached $0.74.
“Can’t wait to see this again #Dogecoin #DogecoinToTheMoon,” the Twitter user said.
The tweet caught the attention of outspoken Dogecoin founder Billy Markus, who retweeted in response, saying that there is a chance that DOGE enthusiasts will not see the crypto coin at its all-time high again.
According to Marcus, Dogecoin had a fantastic year that resulted in many achievements for the cryptocurrency, including massive adoption among retail and institutional investors.
“Might never see [DOGE at $0.74] again. 2021 was a weird f.cking year, and dogecoin was swept up in the dystopia,” Marcus said.
Has Dogecoin Really Fallen?
The Dogecoin founder makes a valid point. Currently, the memecoin lacks a fixed supply like other digital currencies in the market.
Despite calls from the community, project developers have ignored these calls because any effort to correct the issue may jeopardise the coin’s security.
In addition, the dog-themed memecoin could hit up $0.74 last year due to the cryptocurrency’s massive support from famous Tesla CEO Elon Musk.
On several occasions, before the coin hit its peak, Musk made positive tweets about the memecoin, which bolstered its price.
Currently, Musk’s actions toward Dogecoin have earned him a $258 billion lawsuit, with the plaintiff alleging that he promoted a pyramid scheme in the form of DOGE.
DOGE Continues to Slump
After hitting an all-time high of $0.74, the memecoin has declined quickly, breaking the hearts of many investors who thought it could hit $1. Since the beginning of 2022, things have not gotten any better as the token has dropped to 6 cents, representing a 92% fall from its all-time high.