In May 2021, Dogecoin was looking at year-to-date gains of over 1,600%. This was super-impressive for just five months of trading. However, Dogecoin has since dropped down to the $0.33 level – meaning that it has more than halved in value in a matter of weeks. Ultimately, like many cryptocurrencies, Dogecoin investments are largely driven by FOMO (Fear of Missing Out) and wider market speculation. In fact, much of its recent price action has been driven by Tesla CEO Elon Musk.