To cherry-pick the data a bit, Dogecoin returned greater than 27,000% between early November and early May, when Tesla CEO Elon Musk (aka the "Dogefather") hosted Saturday Night Live and made mention of the "people's currency," Dogecoin. On July 20, you could snag a single Dogecoin for a little over $0.16, which represents a decline of approximately 78% in just over 10 weeks. Although momentum has played a big role in driving cryptocurrency prices higher, the fact remains that Dogecoin never possessed any competitive advantages.