Dogecoin Has Risen 78,000% from Its All-Time Lows
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According to data from CoinGecko, Dogecoin is still much higher than its historic low of $0.00008690, up 78,638.3%, despite the recent meltdown seen across the board on the market. Even then, Dogecoin remains down 89.17% from its all-time highs in 2021.
Dogecoin, the first parody cryptocurrency based on a viral internet meme of a Shiba Inu dog, was created by software engineers Billy Markus and Jackson Palmer in 2013.
Early in 2017, Dogecoin’s price began to rise after years of stagnation, marking the beginning of the meme coin’s astonishing price rebound. Then, retail investment in the crypto market increased considerably for the first time, causing altcoins to experience major upticks in price.
In just 70 days, the meme cryptocurrency increased by more than 1,890%, going from an initial value of $0.00021 to $0.0042 on May 21. Dogecoin dropped by 75% shortly after, during a two-week market downturn that affected all cryptocurrencies.
Dogecoin exceeded $0.02 in the first week of 2018, a 380% rise from the previous highs. At that time, its market value increased by almost four times, to $1.6 billion. This, however, only lasted a short while, as the price fell by about 70% to $0.0047 in just eight days.
In late January 2021, the “Wallstreetbets (WSB) mania” spread to Dogecoin, and its price soared to highs of $0.087 in less than two days, a gain of 1,100%.
Then, in May 2021, Dogecoin rose to all-time highs of $0.74 in the lead-up to Elon Musk’s SNL appearance, gaining nearly 12,000% within the space of four months.
In 2022, Dogecoin has not seen any major rallies, save for brief spikes amid bearish market conditions. Dogecoin experienced a brief 15% increase in January after electric-car manufacturer Tesla announced it had started accepting the cryptocurrency as payment for merchandise.
At the time of publication, Dogecoin was the 10th largest cryptocurrency with a market valuation of $9 billion and was trading down 1.70% at $0.068.
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.