Caffeine used to give me a rush of euphoria when I drank it. It doesn't seem to as much anymore even if I stop drinking it for awhile and start again (to reduce tolerance). I wonder if it's the higher dose of meds I'm on now that prevent feelings like that because I take a mood stabilizer and is supposed to keep moods balanced, no mania etc and euphoria is a part of that.
Anyway, I think it can be effective sometimes, but not sure if it's the healthiest option for reducing depression. Maybe once in awhile to give a boost and low moods and lack of energy but I feel that there may be other more long lasting ways like CBT or DBT, or meds if necessary.