Dogecoin, the memecoin, created by Billy Markus and Jackson Palmer around eight years ago, is currently in free fall with much of the entire crypto market down following a rally in early 2021.
DOGE price has fallen 81% since its all-time high of $0.68 reached on May 8, 2021, to as low as $0.133 at the time of writing. According to CoinGecko, the entire cryptocurrency market has seen a decline of 12% in the past 24 hours. The DOGE has also fallen 27.96% over the past seven days.
The price of Dogecoin reached $0.0087 on January 25, 2021, and started to rise. Towards the end of January 2021, a frenzy of meme-centric actions caused prices to rise gradually. A major rally occurred soon after, when the price fell from $0.07 to $0.37, followed by a slight decline towards the end of April, after which DOGE experienced a major rally until at its historic peak.
When the cryptocurrency market entered a “crypto winter” period during the summer of 2021, DOGE fell on July 21, 2021, dropping to $0.17. The asset suffered some fluctuations thereafter. Dogecoin reached a local peak of $0.29 on September 3, 2021, but never regained ground.
DOGE’s main rival in the year 2021 was the Shiba Inu (SHIB) token, which was vying for its market share. The SHIB was also affected by the recent market drop, losing 77.3%.
Dogecoin was widely adopted in 2021
Last year, Dogecoin was also accepted by many merchants, including the Tesla company. One of the items it is possible to buy with DOGE tokens is the “Cyberquad for children”, which sells for 14,135 DOGE. The buyer will need to connect their DOGE wallet to Tesla’s through a QR code.
The Dallas Mavericks, owned by Mark Cuban, recently began accepting DOGE for the purchase of merchandise. Newegg began accepting the asset in April 2021, while Verifone began accepting it in Q4 2021 through a partnership with BitPay.
The crypto market reflects a difficult week for Wall Street
Dogecoin and the crypto market in general are not the only victims of a somewhat difficult week on the NYSE. The NASDAQ price has fallen 5% since Tuesday morning. Bitcoin is coming under pressure after the Russian central bank banned cryptocurrency mining and trading.
Dogecoin was developed and launched in 2013 by Billy Markus and Jackson Palmer on December 6, 2021. It has since attracted high-profile adherents such as Mark Cuban and Elon Musk. Mr. Musk’s tweets, in particular, proved instrumental in influencing the course of DOGE.
Dogecoin has no cap on its supply, which makes it an inflationary token and contributes to its declining value. There are thus 600,000 new coins per hour, 14.4 million per day and 5.26 billion per year.
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