Partnered With:

Count Dogecoin's five epic spikes

Read this article in 7 Minutes

Dogecoin, the popular community-active cryptocurrency, hit an all-time high on Jan. 28 after surging tenfold. Let's take a look at Dogecoin's historical boom.

Original source: Cloud Blockchain

Dogecoin was founded in 2013 by Australian entrepreneur Jackson Palmer and software engineer Billy Markus. It was a response to the various alternative cryptographic numbers that filled the cryptographic world at the timecurrencyOr "shanzhai currency". The project revolves around the iconic Japanese Shibu Inu as "Doge," a self-deprecating community culture that has been particularly popular among early cryptocurrency adopters.

细数狗狗币的五次史诗级暴涨

Dogecoin daily price chart

Dogecoin has experienced wild price swings, largely driven by its status as an interesting dog-themed cryptocurrency. In the past, TikTok's challenges and endorsements from major celebrities have contributed to its price rise.

1. The crypto boom of 2017

Dogecoin's first major rally started around March 10, 2017, because of retail investorsinvestmentThe significant growth in the crypto market began for the first time, lifting all other tokens or altcoins. In more than 70 days, the "Funny" cryptocurrency has risen more than 1,890 percent from $0.00021 to a peak of $0.0042 on May 21. That broke the previous all-time high of $0.0021, sending the market value soaring by $423 million. Shortly thereafter, Dogecoin lost 75% of its value in a two-week market correction that affected all cryptocurrencies.

Bitcoin crosses $19,783, lifting Dogecoin

By November 2017, massive buying momentum returned to the cryptocurrency market, with huge trading volumes pushing bitcoin to a high of $19,783. Global cryptocurrencies have reached a staggering $830 billion in market capitalization, and have sent small plate projects such as Dogecoin Parabola.

On January 7, 2018, Dogecoin hit $0.02, 380% higher than its previous high. Its current market capitalisation is $1.6bn. However, this was very short-lived, and within eight days the price increased by more than 70% to $0.0047.

3. Market rally in 2018 bear market

On April 14, 2018, just before the entire market entered the "cryptocurrency winter" and hit its previous low, most cryptocurrency projects staged a brief recovery. Dogecoin went from $0.0020 to $0.0041 in three days, an increase of 103%. Bitcoin, by contrast, managed a 40 per cent gain in just the same month.

By then, Dogecoin's market value had more than halved from its all-time high to $573 million.

4. The 2018 Ethereum/Dogecoin test

The first major Dogecoin rally that was largely unrelated to the rest of the Dogecoin market was the Dogecoin/Ethereum bridge system test in September 2018.

The Blockchain Bridge is thought to be a new update that will allow interoperability between the two blockchains. The announcement rekindled community support for the project, and the price of Dogecoin went up 173 percent in 48 hours.

However, it was later discovered that due to the collapse in the price of Ethereum (the Ethereum project's main cryptocurrency), 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.

5. The madness of WallStreetBets in 2021, Elon Musk calls the single

January 11, 2021. TraditionalfinancialThe market was heavily disrupted by secondary debt markets known as walletbets, or WSB. These amateur stock traders decided to team up with traditional financial institutions to pull out some of the major hedge funds that bet on falling stocks, such as GameStop, BlackBerry, AMC, Nokia and Bed Bath&Beyond.

On January 28, the frenzy in the WSB stock market spread to Dogecoin and fueled the biggest cryptocurrency rally to date. In less than two days, Dogecoin was in BinanceexchangeSoared to an all-time high of $0.087, an increase of 1,100%. The rally was fueled in part by many tweets, including one from Elon Musk, the world's richest man and an avid Dogecoin fan.

Netflix's "Tiger" King celebrity Carole Baskin also posted a video expressing her support for the dog-themed cryptocurrency.