Elon Musk: ‘Meme Shield’ Protects Dogecoin Against Price Drops

Tesla CEO Elon Musk said Dogecoin (DOGE) has a “legendary item” in its arsenal — a meme shield.

The entrepreneur posted a meme to illustrate:

Doge meme shield (legendary item) pic.twitter.com/CeomU9q84c

— Elon Musk (@elonmusk) March 1, 2021

DOGE prices hit their all-time high of $0.084 on Feb. 08 and have fallen 38.1% since then. DOGE traded at $0.0505100 at press time.

Since the beginning of the year, DOGE has returned 870.93%. The Shiba Inu-theme cryptocurrency has outperformed Bitcoin’s (BTC) annual gains of 68.78%.

BTC traded at $46,160.01 at press time.

Even though Musk’s favorite meme-themed cryptocurrency has shot past BTC in terms of both near-term and yearly gains, the speed of its appreciation on a seven-day basis pales in front of some other cryptocurrency stars. 

DOGE has fallen 0.62% on a seven-day trailing basis, while Cardano (ADA) has shot up 14.87% and Fantom (FTM) is up 19.48% in the same period.

So-called Ethereum (ETH) killers like Polkadot (DOT) and Solana (SOL) have been advancing at a record pace this year.

Scaling challenges coupled with high fees on Ethereum have buoyed the prices of such coins.