Dogecoin’s investment logic as a meme coin hinges on hype and community-driven momentum rather than intrinsic value. Its appeal stems from a playful Shiba Inu mascot and endorsements from figures like Elon Musk, fueling speculative trading. Community sentiment on platforms like X remains enthusiastic, often amplifying price surges through viral engagement. However, this leads to high market volatility, with rapid gains—like a 152% spike to $0.32 in November 2024—followed by sharp corrections. While a loyal fanbase and social media buzz sustain its relevance, Dogecoin’s lack of utility and inflationary supply temper long-term stability.