Dogecoin, the popular meme cryptocurrency, hit a new all-time high on Jan. 28 following a meteoric 1,100% gain. Here’s a breakdown of every time dogecoin has shot for the moon.
Dogecoin is a cryptocurrency that was created by Australian entrepreneur Jackson Palmer and software engineer Billy Markus back in 2013. It was meant to be a mockery of the new alternative coins, or “altcoins,” that were flooding the space at the time. The infamous Shibu Inu “doge” the project is centered around was taken from a viral internet meme that was particularly popular with early crypto adopters.
Dogecoin has a history of experiencing wild price movements that are mainly driven by its popularity as a funny dog-themed cryptocurrency. In the past, TikTok challenges and major celebrity endorsements have contributed to its rise in price, and other times the cryptocurrency surges for no reason at all.
1. 2017 crypto boom
Dogecoin’s first major pump started around March 10, 2017, as a significant rise in retail investment started to pour into the crypto market for the first time, lifting all alternative coins, or altcoins. Over 70 days, the “joke” cryptocurrency rose by more than 1,890% from $0.00021 to a peak of $0.0042 on May 21. This shattered the previous all-time high of $0.0021 and sent the market cap soaring over $423 million. Shortly after, dogecoin slumped 75% during a two-week market pullback that affected all cryptocurrencies.
2. Bitcoin breaks $19,783, lifts dogecoin
By November of 2017, significant buying momentum had returned to the crypto market, with huge trading volumes driving bitcoin to a height of $19,783. The global crypto market capitalization reached a staggering $830 billion and sent smaller-cap projects like dogecoin parabolic.
On Jan. 7, 2018, dogecoin broke over $0.02 – 380% higher than its previous high. Its market capitalization at this stage was $1.6 billion. However, this was very short-lived and within eight…