2021 was the year of the doge, at least up until May. A popular meme cryptocurrency called Dogecoin (CRYPTO: DOGE) rocketed from a price of $0.005 per token to an all-time high of $0.74 in the space of five months, generating a return of about 150 times.

In other words, a $10,000 investment on Jan. 1, 2021 would have turned into $1.5 million by May 9. But what was the trigger? Besides a red-hot market for speculative assets, which sent everything from tech stocks to Bitcoin soaring, Dogecoin had a powerhouse in its corner: Elon Musk, the head of electric vehicle maker Tesla (NASDAQ: TSLA).

Musk had spent several months promoting Dogecoin on Twitter and would then famously appear on Saturday Night Live, where he was widely expected to mention the meme token. He did, and instead of heading to the moon, Dogecoin subsequently collapsed.

Continue reading

Source Fool.com