Billy Marcus does not believe Dogecoin will ever rally to its previous all-time high.
In light of the ongoing turbulence in the crypto market, many investors wish they could experience last year’s massive rally, when all coins and tokens, including Dogecoin (DOGE), recorded a new all-time high (ATH).
DOGE Investors Hoping for Another Rally
Reminiscing about the good old days, a Twitter user who goes by the username @cocochaneladair, shared the previous chart of Dogecoin when the cryptocurrency peaked to $0.74.
“Can’t wait to see this again #Dogecoin #DogecoinToTheMoon,” the Twitter user noted in a tweet.
Responding to the tweet, Billy Marcus, the co-founder of Dogecoin, indicated that there is a possibility DOGE enthusiasts will not see the cryptocurrency at its all-time high again.
According to Marcus, Dogecoin had an amazing year that resulted in lots of achievements for the cryptocurrency, including massive adoption among retail and institutional investors.
“Might never see [DOGE at $0.74] again. 2021 was a weird f.cking year, and dogecoin was swept up in the dystopia,” Marcus said.
might never see it again 🤷♂️
2021 was a weird fucking year, and dogecoin was swept up in the dystopia
— Shibetoshi Nakamoto (@BillyM2k) June 20, 2022
Is Marcus Right?
The Dogecoin co-creator could be right to a large extent. To date, Dogecoin does not have a fixed supply like other digital currencies in the market.
Despite calls from Dogecoin enthusiasts, project developers have ignored these calls because any effort to correct the issue may jeopardize the coin’s security.
In addition, Dogecoin was able to surge as high as $0.74 last year due to the massive support the cryptocurrency got from popular tech mogul Elon Musk.
The founder of Tesla had, on several occasions before the coin hit its peak, made positive tweets about the memecoin, which bolstered its price.
At the moment, Musk’s actions toward Dogecoin have earned him a $258 billion lawsuit, with the plaintiff alleging that he promoted a pyramid scheme in the form of DOGE.
Docgecoin’s Fall From Grace
Recall that in May 2021, Dogecoin surged to a high of $0.74 in what was considered the greatest rally of all time for cryptocurrency.
Many investors believed the cryptocurrency would soar to $1. However, their wishes never saw the light of day as the popular meme coin dipped tremendously months after hitting an all-time high of $0.74.
Things have gone from bad to worse since the beginning of the year, which has further plunged the token to 6 cents, representing a 92% fall from ATH.