“However, the main driver behind Dogecoin’s popularity is its online communities, coupled with support from high-profile business magnates like Elon Musk.

“The resurgence in attention to Dogecoin, which was originally launched as a parody currency, may seem attractive to investors due to its volatility, but for the currency to ever have intrinsic value, scalability and security issues need to be addressed.”

Dogecoin has had an interesting year, characterised by incredible highs and plummeting lows.

According to CoinDesk data, Dogecoin reached its peak over the last year in May 2021 with a price of $0.722320.

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