Dogecoin’s latest drop has reduced its gains on the year to under 20% and traders are once again questioning whether Dogecoin ever managed to truly break out of its bear market that begin in the second half of 2021 and lasted through most of 2022. The cryptocurrency is still up an impressive more than 60% from its 2021 lows under $0.05.

Hopes that serial entrepreneur and billionaire Elon Musk, who recently took over Twitter, might implement Dogecoin into a future payments system on the platform is keeping prices propped up versus the 2022 lows. But falling engagement on Twitter, which is evident in falling engagement on Elon Musk’s posts, has some analysts concerned that Twitter might not be the silver bullet to send Dogecoin back to all-time highs.

Musk is apparently growing increasingly frustrated over falling Twitter engagement - one recent study reported that US usage is down 9% since Musk took over, with Democrats leaving the platform in droves amid Musk’s apparent right-wing political leanings. Musk has previously said that Twitter is on the fast track towards bankruptcy and unless things start to turn around for the social media platform, Dogecoin investors should be concerned.