When it comes to the most legendary duo in the crypto world, Dogecoin and a certain tech billionaire are undoubtedly at the top.

Remember that night in 2021 when this billionaire casually blurted out the word "scam" on a variety show, causing Dogecoin to plummet 40% instantly? The chat groups exploded: some posted screenshots of margin calls, others cursed this guy as a "dog whale," and some nervously asked—should we buy the dip? Isn’t he still planning to pump the coin?

Such conversations have been looping endlessly over the past few years. The relationship between Dogecoin and this billionaire is no longer just a simple "endorsement"; it’s a crazy performance of mutual dependence. But behind the cheers, project teams, retail investors, and even the billionaire himself are trapped in an inescapable vicious cycle.

**From "Point Your Finger and Make Gold" to "Diminishing Effect"**

Before 2019, Dogecoin was just a small joke on Reddit for tipping and teasing, with a price below $0.001. The real turning point came from a social media post: "Dogecoin might be my favorite crypto." What happened next? Dogecoin skyrocketed 800% within 24 hours.

Since then, every move by this billionaire has become a barometer for the coin’s price:

- In February 2021, he tweeted "Dogecoin is the people's currency," and the price doubled that week;
- In May 2021, he called it "a scam" on a popular talk show (later clarified as a joke), causing a 34% flash crash;
- In December 2025, he retweeted a badge from an American politician about the "Government Efficiency Department (DOGE)," which pushed the price up 8% that day, only to be wiped out by the close.

But recently, this snake has started to swallow its own tail. Since 2025,

**Influence is Rapidly Fading**

Market reactions have noticeably slowed. What used to trigger a surge with a single tweet now only lasts a few hours. Retail enthusiasm has waned, and institutions and big players have become smarter—after seeing so many tricks, who still follows the hype?

Even more painfully, Dogecoin’s fundamentals haven’t improved much. Originally designed as a joke, its practical use cases remain limited, and the ecosystem is hardly developed. The entire price movement is essentially driven by sentiment and celebrity effects.

**Who Is Paying for This Game**

The project team is caught in a dilemma: if the billionaire keeps speaking out, the market might become numb from habit; if he stays silent, there’s no hype material. Retail investors are even worse off, always ready to be harvested—some bet he will keep hyping (only to get trapped), others bet he will walk away (also getting caught).

Ironically, even the billionaire himself seems a bit tired. His occasional comments have shifted from confident assertions to occasional jokes, as if testing how long this game can last.

**What’s Next**

The crypto market has always been fickle. Every new narrative, concept, or wealth-creation story can divert some liquidity. For Dogecoin to regain its peak, it needs new imagination—otherwise, relying on a single billionaire’s words is a dead end.

This six-year parasitic carnival has taught everyone one thing: no matter how crazy the hype, there will come a day of diminishing returns.