In 2023, Dogecoin (CRYPTO: DOGE) is up a blistering 32.73% amid a broader rally in the crypto market. Dogecoin's rapid ascent in January appears to be driven primarily by rampant investor speculation that billionaire Elon Musk will continue to support the coin, especially via his $44 billion acquisition of Twitter.

Most recently, Elon Musk doubled down on his famous Happy Meal challenge, saying, "I will eat a Happy Meal on TV if McDonald's (NYSE: MCD) accepts Dogecoin." This cheered investors and longtime Dogecoin enthusiasts. With Musk backing Dogecoin, the logic goes, the meme coin should be unstoppable. But just how accurate is that logic?

In many ways, the Happy Meal challenge, first issued almost exactly one year ago, perfectly symbolizes the meme coin phenomenon. Get a famous celebrity to express support or admiration for a particular coin, use that as a marketing or publicity stunt to generate buzz and awareness, and watch the coin go to the moon based on nothing more than speculation and hype.

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Source Fool.com