Dogecoin loses 66% of value since Musk endorsement

A $1,000 investment in Dogecoin from October 2021 is worth approximately $341 today. This represents a loss of 66%, or about $660, on the original capital. The coin currently trades near $0.09.

Elon Musk called Dogecoin "the people's crypto" on October 24, 2021. He argued that his employees at Tesla and SpaceX held the asset. They were not financial experts or Silicon Valley insiders. That endorsement did not sustain the price over the long term.

Price action since 2021

Dogecoin hit an all-time high of $0.7376 on May 8, 2021. A $1,000 stake at that peak would be worth only $122 today. The price briefly rebounded to $0.48 in late 2024. It then slid back under $0.10.

The coin sits about 88% below its record. Over the past year, DOGE has ranged between $0.068 and $0.31. It remains the 11th-largest cryptocurrency by market cap. The total value is approximately $14 billion.

Market context and holder base

Musk stated he personally holds Bitcoin, Ethereum, and Dogecoin. He cited a report that a third of U.S. crypto holders owned DOGE. This broad retail ownership did not prevent significant drawdowns. The asset remains volatile despite celebrity support.

Data from Yahoo Finance shows DOGE closed at $0.2647 on October 25, 2021. The current price is less than a third of that level. Investors who bought on the strength of the endorsement face steep losses. The gap between peak and present values is stark.

Source and data verification

GN markets/crypto (en-US) reports these figures based on Coinbase and Yahoo Finance data. The calculations assume a static holding period without additional buys or sells. No transaction costs are included in these estimates. The data reflects the market state as of September 2026.