The meme coin, created by Billy Markus and Jackson Palmer approximately eight years ago, is in free-fall with much of the broader crypto market, dropping after a rally in early 2021.
Dogecoin has fallen 81% from its all-time high of $0.68 on May 8, 2021, to $0.133 at press time. The broader cryptocurrency market has seen a 12% drop in the past 24 hours, according to CoinGecko. DOGE also fell 27.96% in the previous seven days.
DOGE hit $0.0087 on Jan. 25, 2021, and began rising. A meme stock frenzy towards the end of Jan. 2021 drove prices higher gradually. A significant rally occurred in the early days of 2022, where the price shot up from $0.07 to $0.37, followed by a slight downturn towards the latter part of April, after which it saw a significant rally to its all-time high.
As the crypto market entered a winter in the summer of 2021, DOGE fell on July 21, 2021 to $0.17. There were some fluctuations after that. DOGE reached a local high of $0.29 on September 3, 2021, but never regained ground.
Doge’s main rival in 2021 was Shiba Inu, which competed for DOGE’s market share. SHIB also was negatively affected by the recent market dump, dropping 77.3%.
DOGE was widely adopted in 2021
Last year, Dogecoin also gained merchant acceptance. The most notable company to start accepting DOGE in 2021 was Tesla. One of the elements that can be bought using DOGE is the “Cyberquad for kids”, which sells for 14135 DOGE. The buyer will need to connect their DOGE wallet to Tesla’s DOGE wallet via a QR code. The Dallas Mavericks, owned by Mark Cuban, recently began accepting DOGE for merchandise purchases. Newegg started accepting DOGE in April 2021, while Verifone started accepting it in Q4 2021 through a BitPay partnership.
Crypto mirrors tough week on Wall Street
DOGE and the broader crypto market are not the only victims of a somewhat rough week on the NYSE. The NASDAQ dropped 5% since Tuesday morning. Bitcoin is experiencing pressure after the Russian central bank banned the mining and use of cryptocurrencies.
Dogecoin was developed and launched in 2013 by Billy Markus and Jackson Palmer on December 6, 2021. It has since attracted followers such as Mark Cuban and Elon Musk. Musk’s tweets proved significant in influencing DOGE’s behavior.
DOGE does not have a supply cap, making it an inflationary token, which contributes to a decrease in its value. There are 600000 new coins every hour, 14.4 million every day, and 5.26 billion every year.