According to David Gokhshtein, CEO of Gokhshtein Media, Dogecoin seems to be journeying towards its 2017-2018 peak levels. At the time of publication, Dogecoin was trading marginally up at $0.08.
Even though the meme cryptocurrency is down 89.17% from its all-time highs in 2021, a rundown of its price history might be necessary to get a grasp on how the meme cryptocurrency has performed over the years.
in 2017 -- i think $DOGE's ATH was around $0.07.— David Gokhshtein (@davidgokhshtein) June 9, 2022
add that to the research.
In 2013, Australian entrepreneur Jackson Palmer and software programmer Billy Markus invented Dogecoin as a "joke cryptocurrency."
How it all started
Dogecoin's first astounding price rally occurred in early March 2017, when the crypto market saw a significant increase in retail investment for the first time, causing alternative cryptocurrencies, otherwise referred to as altcoins, to rally significantly.
The parody coin rose more than 1,890% within 70 days, climbing from initial levels of $0.00021 to $0.0042 on May 21. The market cap subsequently rose to $423 million. Shortly after, during a two-week market correction that hit all cryptocurrencies, Dogecoin fell 75%.
In the first seven days of 2018, Dogecoin surpassed $0.02, a 380% increase over the previous peak. Its market capitalization jumped nearly four times to $1.6 billion at the time. However, this was only temporary, as the price plummeted by nearly 70% to $0.0047 in just eight days.
Dogecoin fanfare took off in 2021, with high-profile celebrities such as Tesla CEO Elon Musk ("The Dogefather"), Mark Cuban and others all jumping on the DOGE bandwagon. Aside from a few brief periods, such as trading around $0.02 in 2018, DOGE's price largely traded below the $0.01 price point for much of its existence.
Fast forward to 2021, when Dogecoin rose to all-time highs of $0.74 in May and has declined nearly 90% since then. At the time of publication, Dogecoin was the 10th largest cryptocurrency with a market valuation of $10.57 billion, per CoinMarketCap data.