Editor's Note: This article comes fromCybtc Blockchain (ID: cybtc_com), reprinted by Odaily with authorization.
Cybtc Blockchain (ID: cybtc_com)
Cybtc Blockchain (ID: cybtc_com)
, reprinted by Odaily with authorization.
Dogecoin was created in 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Markus. It was a mockery of the various alternative cryptocurrencies or “altcoins” that were flooding the crypto world at the time. The project revolves around the symbolic Shibu Inu, a Japanese Shibu Inu, as the avatar “doge,” a self-deprecating community culture that’s especially popular among early cryptocurrency adopters.
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Dogecoin daily price chart
Dogecoin has experienced wild price swings, mostly due to its being an interesting dog-themed cryptocurrency. TikTok challenges and endorsements from major celebrities have contributed to its price increases in the past.
1. The cryptocurrency boom of 2017
The first major rise in Dogecoin started around March 10, 2017, as a significant increase in retail investment started flooding the cryptocurrency market for the first time, lifting all other coins or altcoins. Over 70 days, the “funny” cryptocurrency rallied more than 1,890% from $0.00021 to a peak of $0.0042 on May 21. This smashed the previous all-time high of $0.0021, sending the market capitalization skyrocketing by $423 million. Shortly thereafter, Dogecoin fell 75% in a two-week market correction that affected all cryptocurrencies.
2. Bitcoin breaks through $19,783, boosting Dogecoin
By November 2017, massive buying momentum returned to the cryptocurrency market, with huge trading volumes pushing Bitcoin to a high of $19,783. The global cryptocurrency market capitalization reached a staggering $830 billion and sent small-cap projects like Dogecoin Parabolic.
On January 7, 2018, Dogecoin broke through $0.02, which is 380% higher than the previous high. Its current market cap is $1.6 billion. However, this was very short-lived, and within eight days, the price rallied by more than 70%, dropping to $0.0047.
3. The market rebound in the 2018 bear market
On April 14, 2018, just before the entire market entered a "cryptocurrency winter" and fell to previous lows, the vast majority of cryptocurrency projects staged a brief recovery. In three days, Dogecoin rose from $0.0020 to $0.0041, an increase of 103%. In comparison, Bitcoin only managed a 40% gain in the same month.
By this time, Dogecoin’s market capitalization had more than halved from its all-time high to $573 million.
4. Ethereum/Dogecoin bridge test in 2018
The first major Dogecoin rally largely unrelated to the rest of the Dogecoin market was in September 2018 with the system test of the Dogecoin/Ethereum bridge.
The blockchain bridge is believed to be a new update that will allow interoperability between the two blockchains. The announcement reinvigorated community support for the project, and the price of Dogecoin rose by 173% in 48 hours.
However, it was later discovered that due to the collapse in the price of ethereum (the main cryptocurrency of the ethereum project), there was not enough money to continue developing the bridge, so the update was put on hold. Since then, no one has mentioned whether the bridge between Dogecoin and Ethereum will continue.
