The meme coin, created by Billy Markus and Jackson Palmer approximately eight years ago, is in free-fall with much of the broader crypto market, dropping after a rally in early 2021.
Dogecoin dropped 81% from its all-time high of $0.68 on May 8, 2021, to $0.133 at press time. The broader cryptocurrency market has seen a drop of 12% in the last 24 hours, according to CoinGecko. DOGE also dropped 27.96% over the previous seven days.
DOGE hit $0.0087 on Jan. 25, 2021, and began rising. A meme stock frenzy towards the end of Jan. 2021 drove prices higher gradually. A significant rally occurred in the early days of 2022, where the price shot up from $0.07 to $0.37, followed by a slight downturn towards the latter part of April, after which it saw a significant rally to its all-time high.
As the crypto market entered a winter in the summer of 2021, DOGE plummeted on July 21, 2021, to $0.17. There were some fluctuations hereafter. DOGE reached a local peak of $0.29 on Sep. 3, 2021, but never regained ground.
Doge’s main rival in 2021 was Shiba Inu, which competed for DOGE’s market share. SHIB also was negatively affected by the recent market dump, dropping 77.3%.
DOGE received widespread adoption in 2021
Last year also saw Dogecoin attracting merchant acceptance. The most notable company to begin accepting DOGE in 2021 was Tesla. One of the items that can be purchased using DOGE is the “Cyberquad for kids,” which is selling for 14135 DOGE. The buyer will need to connect their DOGE wallet to Tesla’s DOGE wallet via a QR code. The Dallas Mavericks, owned by Mark Cuban, recently started accepting DOGE for merchandise purchases. Newegg began accepting DOGE in April 2021, while Verifone began to accept it in Q4 2021 via a BitPay Partnership.
Crypto mirrors tough week on Wall Street
DOGE and the broader crypto market are not the only victims of a somewhat rough week on the NYSE. The NASDAQ dropped 5% since Tuesday morning. Bitcoin is experiencing pressure after the Russian central bank banned the mining and use of cryptocurrencies.
Dogecoin was developed and launched in 2013 by Billy Markus and Jackson Palmer on Dec. 6 2021. It has since attracted adherents such as Mark Cuban and Elon Musk. Musk tweets proved significant in influencing the behavior of DOGE.
DOGE does not have a supply cap, making it an inflationary token, which contributes to a decrease in its value. There are 600000 new coins every hour, 14.4 million every day, and 5.26 billion every year.
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