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Dogecoin Price Returns to 2017 Peak Levels

Thu, 06/09/2022 - 15:55
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Tomiwabold Olajide
Dogecoin seems to be journeying toward its 2017-2018 peak levels
Dogecoin Price Returns to 2017 Peak Levels
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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 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.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.