Dogecoin remains down 89.17% from its all-time highs in 2021
According to data from CoinGecko, Dogecoin is still well above its all-time low of $0.00008690, up 78,638.3%, despite the recent widespread slump in the market. Even so, 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.
Time travel
At the start of 2017, the price of Dogecoin began to rise after years of stagnation, marking the start of the meme coin’s amazing price rebound. Then, retail investments in the crypto market surged significantly for the first time, leading to significant price increases for altcoins.
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 surged above $0.02 in the first week of 2018, a 380% increase from previous highs. Around that time, its market value nearly quadrupled, to $1.6 billion. However, this only lasted for a short time as the price dropped around 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 hit all-time highs of $0.74 ahead of Elon Musk’s SNL appearance, gaining almost 12,000% in 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 press time, Dogecoin was the 10th largest cryptocurrency with a market valuation of $9 billion and was trading down 1.70% to $0.068.
