Dogecoin, as a meme coin, thrives on speculative investment driven by community hype and social media narratives, notably from figures like Elon Musk. Its logic hinges on momentum rather than utility, with prices soaring during bullish sentiment (e.g., 2021’s 15,000% rise). Community mood, often tracked via X posts, swings between euphoria and fear, amplifying volatility. Market fluctuations are extreme, with rapid gains (e.g., $0.73 peak) and sharp drops (55.91% loss since). In 2025, its unlimited supply and lack of fundamentals sustain high-risk, high-reward dynamics.