Dogecoin started as a joke in 2013 but became a cultural phenomenon. It hit $0.73 in May 2021 driven by Elon Musk tweets and retail speculation. At that ATH, early buyers from 2017 at $0.001 were up 73,000%. Anyone who bought near the peak and held has been down 80%+ since. Whether it is 'worth buying' depends entirely on one's risk tolerance and thesis for a 14-year-old meme coin with unlimited supply.
Why did Dogecoin crash?
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Dogecoin's 2021 crash from $0.73 to under $0.10 followed the pattern of all speculative asset bubbles: retail frenzy drove prices far above any fundamental basis, then smart money sold into the hype, retail bagholders were left behind. Specific catalysts for the crash included Elon Musk's 'SNL' appearance in May 2021 (the 'sell the news' event) and the broader crypto bear market beginning in late 2021.
