🔻 Dogecoin declines after Elon Musk's support ends and faces challenges in the market 🔻
- Dogecoin was founded in 2013 as a joke based on the "Doge" meme, and peaked in 2021 when its price reached $0.73, bringing its market value to nearly $90 billion, primarily driven by the support of entrepreneur Elon Musk since 2019.
Musk promoted Dogecoin by posting memes and engaging with the community, and his brief involvement in the Trump administration, where he established a government agency named the "Department of Government Efficiency" abbreviated as "DOGE", temporarily supported the currency.
However, with Musk's tenure in the U.S. administration coming to an end, Dogecoin's value dropped by 59% from its yearly high, amid doubts about the sustainability of its market value.
Dogecoin suffers from a lack of actual use, as fewer than 2,100 companies worldwide accept it as a means of payment, along with the issue of unlimited supply of the currency, which limits its potential for sustainable growth in value.
Investors are awaiting future developments for the currency amidst market challenges and the fluctuating influence of Musk's support on it.
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Do you expect it to rise in the future?