Musk's Fading Influence Crushes Dogecoin Hopes

Dogecoin (DOGE) has been in a slump for years, down more than 30% this year and trading at a whopping 90% discount to its all-time high of $0.74 from May 2021.

The cryptocurrency's chances of hitting $1 within the next 12 months are slim, according to experts.

One major reason for Dogecoin's struggles is its lack of traction with Elon Musk, one of its highest-profile supporters.

Musk has been a long-time advocate for the coin, posting about it on social media and even making a guest appearance on NBC's Saturday Night Live as 'the Dogefather.'

Despite his efforts, however, Dogecoin has never come close to regaining the hype and buzz it had during the meme coin mania of 2021.