Dogecoin Creator Explains Why DOGE May Never Hit $0.74 Again

Billy Markus, co-creator of Dogecoin DOGE/USD, doesn’t expect the meme coin to reclaim its previous all-time high. 

What Happened: In a tweet on Monday, Markus said DOGE may never hit $0.74 again.

According to Markus, Dogecoin's 18,000% rally in 2021 was largely due to it being swept up in events that unfolded over the course of the year.

However, Markus doesn’t believe that “crypto is dead,” but rather it is the same as it has always been.

“People are more negative and thus the previous hype cycle is dead,” he said in a tweet.

“Anyone who has paid attention to crypto more than a year has heard “crypto is dead” like 10,000 times,” he added.

The meme coin reached its peak price shortly before Tesla Inc TSLA CEO Elon Musk appeared on an episode of "Saturday Night Live" amid expectations the event would send the coin to new highs.

At time of writing, Dogecoin was trading 90% below its all-time high at $0.066, as per data from Benzinga Pro.

Over the weekend, Musk said he will continue to support Dogecoin despite a market-wide decline in crypto prices.

See Also: HOW TO BUY DOGECOIN (DOGE)