Dogecoin, bolstered by Elon Musk's enthusiastic backing in 2021, has impressively maintained its position among the top 10 cryptocurrencies by market capitalisation.

Despite this achievement, the meme coin has faced significant challenges, encountering a steep 90% drop in price attributed to a prolonged bear market.

This drastic decline has notably impacted DOGE's market cap, underscoring the volatile nature of cryptocurrencies and the external factors that can influence their value.

Despite these setbacks, Dogecoin's resilience and the community's support highlight the unpredictable yet spirited landscape of digital currencies, where endorsement by influential figures can lead to sudden surges or declines in market performance.