Count the five epic surges of Dogecoin
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Dogecoin is a popular community-active cryptocurrency. After soaring 10 times, it hit a record high on January 28. Let us take a closer look at the historical spike in Dogecoin.
Dogecoin was founded in 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Markus. It was a mockery of the various alternative encrypted digital currencies or "altcoins" that flooded the entire crypto world at that time. The project revolves around the symbolic Japanese Shibu Inu as the avatar "doge". This self-deprecating community culture is particularly popular among early cryptocurrency adopters.
Dogecoin daily price chart
Dogecoin has experienced crazy price fluctuations, which is mainly caused by its use as an interesting dog-themed cryptocurrency. In the past, TikTok's challenges and the recognition of major celebrities have contributed to its price increase.
1. The cryptocurrency boom in 2017
Dogecoin's first major rise started around March 10, 2017, as the significant growth of retail investment began to flood the cryptocurrency market for the first time, mentioning all other tokens or alternative currencies. In more than 70 days, the "funny" cryptocurrency rose more than 1,890% from $0.00021, reaching a peak of $0.0042 on May 21. This broke the previous historical high of $0.0021, causing the market value to soar by $423 million. Soon thereafter, Dogecoin fell by 75% during a two-week market correction, which affected all cryptocurrencies.
2. Bitcoin breaks through US$19,783 and raises Dogecoin
By November 2017, the massive buying momentum returned to the cryptocurrency market, and the huge transaction volume pushed Bitcoin to a height of 19,783 dollars. The global cryptocurrency market value has reached a staggering $830 billion, and small cap projects such as Dogecoin Parabolic have been sent.
On January 7, 2018, Dogecoin broke through $0.02, 380% higher than the previous high. Its current market value is $1.6 billion. However, this was very short-lived, and within eight days, the price rose by more than 70%, falling to $0.0047.
3. Market rebound in the 2018 bear market
On April 14, 2018, just before the entire market entered the "cryptocurrency winter" and fell to a previous low, most cryptocurrency projects had a brief recovery. Within three days, Dogecoin rose from $0.0020 to $0.0041, an increase of 103%. In contrast, Bitcoin only managed to achieve a 40% increase in the same month.
By this time, the market value of Dogecoin had halved from its all-time high to $573 million.
4. 2018 Ethereum/Dogecoin bridge test
The first major Dogecoin rally that is largely unrelated to the rest of the Dogecoin market was the system test of the Dogecoin/Ethereum Bridge in September 2018.
The blockchain bridge is considered a new update that will allow interoperability between the two blockchains. The announcement re-inspired community support for the project, and the price of Dogecoin increased by 173% within 48 hours.
However, it was later discovered that due to the sharp drop in the price of Ethereum (the main cryptocurrency of the Ethereum project), there were not enough funds to continue to develop the bridge, so the update was shelved. Since then, no one has mentioned whether the bridge between Dogecoin and Ethereum will continue.
5. The madness of WallStreetBets in 2021, Elon Musk shouts
On January 11, 2021, the traditional financial market was severely damaged by the subordinated bond market called WallStreetBets (also known as WSB). These amateur stock traders decided to unite with traditional financial institutions to draw out some major hedge funds to bet on stocks that have fallen in value, such as GameStop, BlackBerry, AMC, Nokia and Bed Bath & Beyond.
On January 28, the frenzy of the WSB stock market spread to Dogecoin and propelled the biggest cryptocurrency rally to date. In less than two days, Dogecoin surged to a record high of $0.087 on the Binance exchange, an increase of 1100%. The rally was promoted to a certain extent by many tweets, including one from Elon Musk, the world’s richest man and avid Dogecoin fan.
Netflix's "tiger" king celebrity Carole Baskin also posted a video expressing her support for the dog-themed cryptocurrency.
Do you know that today dogecoin reaches to its peak price ever. Dogecoin is going up rapidly as its market is fluctuating day by day.
that's right friends and reached ATH Jan 29, 2021 $ 0.07797 down 57.13% for the current price $ 0.03337 and it continues to make corrections until it gets the standard price following the increase in btc and other alt coins.