Dogecoin gained relevance in 2021 following Musk's endorsement and continuous hype on social media, which has since become a big catalyst for the coin. In May that year, Musk's posts fueled dogecoin's rally to its all-time high of 67 cents, per Coin Metrics. Though his appearance at the time on SNL, in which he called dogecoin "a hustle," sent its price crashing down.