Despite the latest market breakdown, Dogecoin is still significantly higher than its historical low of $0.00008690, according to data from CoinGecko, up 78,638.3 percent. Even after that, Dogecoin is still down 89.17% from its peak in 2021.
Software developers Billy Markus and Jackson Palmer developed Dogecoin, the first parody cryptocurrency, based on a Shiba Inu dog internet meme, in 2013.
Travel back in time
After years of stagnation, Dogecoin’s price started to surge in early 2017, signalling the start of the meme coin’s amazing price comeback. Then, for the first time, retail investment in the cryptocurrency market increased significantly, leading to significant price increases for altcoins.
The meme cryptocurrency rose from an original value of $0.00021 to $0.0042 on May 21 by a whopping 1,890% in only 70 days. Soon after, during a two-week market collapse that hit all cryptocurrencies, Dogecoin fell by 75%.
The first week of 2018 saw Dogecoin surpass $0.02, a 380 percent increase from the prior peaks. Its market value had nearly quadrupled by that point, reaching $1.6 billion. This, however, was just temporary, as the price dropped by over 70% to $0.0047 in just 8 days.
The “Wallstreetbets (WSB) craze” expanded to Dogecoin in late January 2021, causing its price to surge to highs of $0.087 in less than two days, a gain of 1,100%.
Then, in the weeks before Elon Musk’s SNL appearance in May 2021, Dogecoin experienced an almost 12,000 percent gain in just four months, reaching an all-time high of $0.74.
Dogecoin has only experienced small surges under adverse market conditions in 2022; no significant rallies have occurred. Following Tesla’s announcement that it has begun taking the cryptocurrency as payment for goods, Dogecoin saw a temporary 15 percent rise in January.
Dogecoin was the tenth-largest cryptocurrency at the time of writing, valued at $9 billion, and was trading 1.70 percent lower at $0.068.