Key Takeaways:
Dogecoin fell 30% to $0.08 since Elon Musk first offered to eat a McDonald's Happy Meal on live TV if the chain accepted the token.
"True," Musk posted on X on June 1, reposting a reminder of his 2022 offer, according to the Tesla CEO's verified account.
The meme coin reached its all-time high of $0.74 on May 8, 2021 — the same day Musk hosted Saturday Night Live. It now trades at about $0.08, with a 52-week range of $0.08 to $0.31. A handful of major companies already accept Dogecoin payments, including Tesla and SpaceX for branded merchandise, Dallas Mavericks tickets, Amazon's Twitch, AMC Theaters, Microsoft, Newegg, LVMH's Tag Heuer and AirBaltic.
Even if McDonald's accepted Dogecoin as a publicity stunt, previous mainstream payment deals failed to meaningfully boost the token's price or usage, highlighting the gap between merchant acceptance and consumer adoption for volatile cryptocurrencies.
Dogecoin, created as a parody of Bitcoin in 2013, lacks a supply cap and native smart contract support, making it difficult to value by scarcity or developer activity like Bitcoin or Ethereum. Without these fundamentals, the token has struggled to recover even as larger cryptocurrencies bounced back from the 2022 bear market.
Musk, who named the Trump Administration's Department of Government Efficiency after the token, remains one of Dogecoin's most prominent backers. But his social media posts have had diminishing returns on price action — the June 1 repost did not trigger the same rally as earlier Musk tweets about the coin.
This article is for informational purposes only and does not constitute investment advice.
