Less than two weeks after the price and trade volume of Dogecoin (DOGE) exploded following a get-rich-quick TikTok challenge that went viral, the meme coin has been making headlines again. This time, Elon Musk’s humorous tweet briefly reversed the downward trend that the asset had entered since the TikTok boost began to wear off.
While the latest development might bolster the impression that Dogecoin only thrives on fleeting, whimsical cycles of the internet’s attention, it should not obscure the potentially bigger lessons of its earlier user-powered surge.