Billionaire Elon Musk Has a New Idea That Could Make Dogecoin Investors Very Happy. But Will It Work?

Billionaire Elon Musk Has a New Idea That Could Make Dogecoin Investors Very Happy. But Will It Work? Leo Sun, The Motley Fool Fri, June 5, 2026 at 7:40 PM GMT+2 3 min read Dogecoin (CRYPTO: DOGE) , which was created as a parody of Bitcoin (CRYPTO: BTC) , reached its all-time high of $0.

74 on May 8, 2021 -- the same day Elon Musk, its most prominent backer, hosted Saturday Night Live. But as of this writing, it trades at about $0. 08.

Dogecoin, like many other meme coins, fizzled out as rising interest rates and other macro headwinds chilled the cryptocurrency market . Without a supply limit, Dogecoin couldn't be valued by its scarcity, as Bitcoin is. Without native support for smart contracts, Dogecoin couldn't be valued as a blockchain-based developer ecosystem like Ethereum (CRYPTO: ETH) .

That's why it struggled to recover even as Bitcoin and Ether bounced back. Missed Nvidia in 2009? This Rare Signal Is Flashing Again.

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Yet Elon Musk, who named the Trump Administration's Department of Government Efficiency (DOGE) after the meme coin, is still bullish on its growth potential. On June 1, the X user DogeDesigner posted that Musk once offered to eat a Happy Meal on live TV if McDonald's (NYSE: MCD) accepted Dogecoin. Musk reposted the tweet and acknowledged it was "true".

So could that actually happen and breathe fresh life into this unloved cryptocurrency? Mainstream exposure hasn't boosted Dogecoin's price A handful of major companies already accept Dogecoin payments. Musk allows its Tesla and SpaceX customers to use Dogecoin to buy the companies' branded merchandise (but not Tesla's electric cars or SpaceX's Starlink terminals).

Mark Cuban, another one of Dogecoin's early backers, allowed people to buy Dallas Mavericks tickets and merchandise with the meme coin. Amazon 's Twitch, AMC Theaters , Microsoft , Newegg, LVMH 's Tag Heuer, and AirBaltic also accept Dogecoin payments for certain products and services. But just because Dogecoin is an available payment option doesn't mean most consumers are actually using it.

Like other cryptocurrencies, Dogecoin's volatility makes it much less reliable than fiat currencies. Most consumers and businesses probably aren't eager to do business with a token that has fluctuated between $0. 08 and $0.

31 over the past 52 weeks. So even if McDonald's accepts Dogecoin payments as a publicity stunt to get Elon Musk to eat a Happy Meal on TV, it probably wouldn't move the needle for the meme coin. That's probably why Musk's repost of DogeDesigner's tweet -- which references a comment he made in 2022 -- didn't boost Dogecoin's price as much as some of his own tweets.

Story Continues Dogecoin might be doomed Dogecoin didn't recover after its first ETFs were launched in late 2025 and 2026. Its supporters are trying to turn it into a developer-oriented token with Dogechain, a new Layer 2 (L2) solution built on Polygon 's blockchain that supports smart contracts. However, it's still tiny compared to big developer ecosystems like Ethereum and Solana .

Without those clear long-term catalysts, Dogecoin's price will likely sink lower -- even if big companies like McDonald's start accepting Dogecoin payments. Should you buy stock in Dogecoin right now? Before you buy stock in Dogecoin, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the  10 best stocks for investors to buy now… and Dogecoin wasn’t one of them.

The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation,  you’d have $439,847 !

* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,342,065 ! * Now, it’s worth noting  Stock Advisor’s total average return is 968 % — a market-crushing outperformance compared to 211% for the S&P 500.

  Don't miss the latest top 10 list, available with  Stock Advisor , and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of June 5, 2026. Leo Sun has positions in Amazon and LVMH Moët Hennessy-Louis Vuitton.

The Motley Fool has positions in and recommends Amazon, Bitcoin, Ethereum, Microsoft, Solana, and Tesla. The Motley Fool recommends Lvmh Moët Hennessy-Louis Vuitton, Société Européenne and Polygon and recommends the following options: long January 2028 $320 calls on McDonald's and short January 2028 $340 calls on McDonald's. The Motley Fool has a disclosure policy .

Billionaire Elon Musk Has a New Idea That Could Make Dogecoin Investors Very Happy. But Will It Work?