Dogecoin is one of the most exciting cryptocurrencies and enjoys huge support among crypto lovers. Its price dynamic within the recent year would make us question if Dogecoin can reach $100 or even $1000 in the future. Yet this milestone apparently belongs to the delayed future, an attempt to answer this question unfolds the history of Dogecoin’s ups and downs and gives a refreshing insight into the current status of things.
Our article gives an insight into such a possibility while discovering facts, statistics, and dynamics of Dogecoin’s market presence.
Dogecoin is a famous meme coin that was designed into an early crypto era, in 2013 year. At that time, the question of whether Dogecoin was able to reach $100 or $100 could not occur. The price records broken in 2021 were a matter of the future.
It was created as a joke cryptocurrency and aimed at a broader audience than a costly Bitcoin. Dogecoin’s “fathers” are software engineers Billy Markus and Jackson Palmer, who subsequently left the project after discovering that the idea of cryptocurrencies in general no longer serves libertarian principles. The engineers worked for IBM and Adobe, respectively. According to their concept, Dogecoin employed the protocol of Luckycoin and Litecoin projects.
“It was always like a hobby project, like a side project thing. I made a lot of people rich, but I didn’t come away with any money. I get to tell people that I created Dogecoin, which is fun.” Jackson Palmer, Dogecoin’s co-founder
Dogecoin features a light and funny image of the Shiba Inu dog. It is mineable and provides the block reward. The processing time in the blockchain is much shorter than that one of Bitcoin’s and on average does not exceed 1 minute.
Since no hard limit for the supply of Dogecoin is set, the total supply figure is a growing variable. At the moment, the total supply of the coin is more than 130 bln. At the time of writing, Dogecoin ranks 12th by market cap among cryptocurrencies. This position was quite new to the coin’s market cap when it increased sixfold fueled by Elon Musk’s tweets in January 2021.
Though Elon Musk played his role in the popularity of Dogecoin, this meme-inspired currency has always been a “peoples’ choice”.
Dogecoin’s online community is famous for mutual solidarity, coordination, and avid support of its favorite currency. When Dogewallet owners suffered from a major hack in December 2013, this damage was covered by donations of the community members through the “Save Dogemas” initiative.
At present, Dogecoin is listed by top cryptocurrency exchanges and can be exchanged for fiat. Dogecoin is accepted by more than 1000 merchants across the web and globe, including e-commerce, crypto services, and tourism. Also, Doge is a popular coin for gambling transactions.
Dogecoin price analysis of the last years since its launch
2013
In 2013, the starting point for the coin’s price was $0.00026. Just a few days after its release on the market Dogecoin attained $0.00095 only to be followed by a crash. This growth was inspired by China’s decision to bar banks from bitcoin transactions.
2017 — late 2020
It was not until mid-2017 that Dogecoin had managed to get rid of the third zero from its price value. 2017 was the first year of a genuine crypto boost and Dogecoin could not stay aside from this uptrend. Its High in May attained $0.004044. The second half of 2017 was marked by the decline of Dogecoin as this downtrend touched many virtual currencies. The end of 2017 was closed by Dogecoin at the mark of $0.008972.
The coin’s next surge is also associated with the general growth of the market in mid-2018. Dogecoin hits $0.00693 in September and fell by half in two months with an even more dramatic slump after this. December of 2018 was closed at $0.002346. As we can see, this height shows a fourfold decrease as compared against the level reached in December 2017.
The 2019 year was almost totally a flat year for the price of a popular meme coin. This tendency did not divert much from the crypto market in general. The flat channel for the price fluctuated between the marks of $0.002458 and $0.004471 as the highest one (reached in July 2019). Finally, 2019 was closed at $0.002394. The 2020 year’s dynamics almost followed the last year’s trends with the price level reaching a little higher mark at $0.005420 in July 2020 and declining afterward.
End of 2020 — 10 cents milestone
However, the end of the year was different, just like in the case with many other digital currencies. When approaching the end of the year, Dogecoin accelerated to December’s High at $0.0138 and started the next year with a crazy surge at $0.077973. On December 20, Elon Musk tweeted: “One word: Doge”, causing an immediate surge in price, which added 25% to the coin’s value. This enthusiasm was shared by social media and other celebrities, such as Angela White.
Our blog had been taking accurate records of the Dogecoin price movement during those days. It took Dogecoin just 1 day to receive an 8-times’ boost!
The first half of 2021
The agitation around the Dogecoin project continued in January of the next year. This time it was not a celebrity’s job to boost the price. Major efforts to pump DOGE were made by Reddit users as part of the initiative to pump share prices of GameStop. The slogan “Dogecoin to 1 dollar” was widely promoted.
This rally has brought the coin to the top 10 coins ranked by market cap.
While many expected that $0.046 would remain the meme coin’s all-time high, the next record was not long in coming. Some slump down to $0.30-s was followed by a new surge inspired by a new series of tweets in favor of Dogecoin, written by Elon Musk. This alone was enough to boost the price to $0.053. The campaign was gaining pace until the price got up by 300%. The price reached its new ATH at $0.078 on Feb 9.
One of the Dogecoin founders Bill Markus appeared to have sold his Dogecoin stash back in 2015. He commented on pushing Doge to the $1 move by saying about his perplexion in comprehending the tremendous market cap of the $1-worth’s coin. In this case, he argued, Dogecoin’s market cap would surpass that one of grand-scale companies, serving millions of people across the world.
Going through ups and downs, Dogecoin had met a milestone in the middle of April when a zero after dot disappeared. The next high was reached at $0.121 when the value add 123% in just a week. It happened on April 15 and brought the coin to the top tenth position by market cap. It seems that there were no actual limits for fierce price action and within a few days, DOGE had hit $0.422! This record entered history as “Dogecoin Day 4/20”. Still, an all-time market high was looming on the horizon.
Just some stats: during the described period, a year-to-date gain had been over 7500%, the weekly gain was a 400% figure, a $50 bln market cap, +232697 subscribers to the 2 crypto-specialized subreddits.
On April 28 Elon Musk announces an appearance on the TV show as the “Dogecoin father” which fuels another round of the Dogecoin price boost. This time, public enthusiasm fueled DOGE’s all-time high at crazy $0.737 achieved on May 8. Unbelievable figures for anyone, witnessing the emergence of this meme coin.
What were the key factors beyond such a formidable price movement and public campaign? It’s hard to tell now. Many would name the endorsing effect of Elon Musk’s public support but let’s not forget the “peoples” character of Dogecoin. One of the main tech entrepreneurs in the world had just shared already existing sentiment perceiving Dogecoin as a light, easy and meme-based choice.
During the first 5 months of 2021, the Dogecoin price added more than 1500%, and public support by Elon Musk was the major success factor.
The second half of 2021 and early 2022
Dogecoin’s performance throughout the next months of the 2021 year had not impressed the public with new price records. In July its price had even seen levels under $0.20 but returned to the price range between $0.20 and $0.30. This decline was not different from what cryptocurrency, in general, saw in the summer and fall of 2021.
On July 21 Coinbase announced that Dogecoin would now be accepted as the means of payment. This pushed the price forward starting August 15 and motivated it to stay within the channel of $0.315 — $0.350 during the second half of August. However, things shifted back for September and the first half of October.
In late October 2021, the Doge price was reinvigorated by the loss of its major rival coin — SHIBA INU. The SHIB users simply rotated their profit into long positions with Dogecoin. Of course, the activity around DOGE did receive its due share of encouragement expressed by Mr. Musk. The Dogecoin price jumped by 44% in one day, October 28. It had reached $0.338. So far, this High had not been surpassed by DOGE. It closed the 2021 year at the level of 17 cents.
January and the first half of February of 2022 were not bright for Dogecoin price dynamics as well. At the same time, the development of the project saw positive momentum. Tesla, a famous electric carmarket, began to accept DOGE payments to buy certain goods in January 2022.
Historic Price Pumps for Dogecoin |
Can Dogecoin reach $1000?
This question is sometimes addressed on social media. The mentioned price level for Dogecoin is found highly unrealistic and we believe that Dogecoin is not able to hit $1000.
Can Dogecoin reach $100?
A $100 milestone seems a much more moderate and modest assumption that we could dare to make about Dogecoin. However, our answer would not be different. No, Dogecoin cannot reach $100.
Conclusion
Our overview aims to outline the price history of Dogecoin along with the factors behind its ups and downs. It’s no doubt that Dogecoin can reach $1 and even $10 and this boost will be associated with activity on social media channels.
A growing acceptance of Dogecoin as a payment method among businesses testifies to its ease of use and low cost of the transaction. Further development of this project started as a joke is rooted in its great convenience and presence on major crypto exchanges. Observing DOGE dynamics is our pleasure and we invite you to share it with us by keeping an eye on our blog updates!
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