Dogecoin (DOGE) Price

Dogecoin (DOGE)

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About Dogecoin

Dogecoin is a cryptocurrency featuring the Shiba Inu dog from the “Doge” Internet meme. It was created in 2013 by Billy Markus and Jackson Palmer as a joke to make fun of the payment capabilities of cryptocurrencies, but quickly gained a passionate following and real value.

Dogecoin started as a satire of the hype surrounding cryptocurrencies at the time. The creators inadvertently made what would become the first meme coin in the crypto industry. Dogecoin attracted a sizable supporter base and within the first 30 days, there were over a million visitors to DOGE now stands at the top of the meme class of cryptocurrencies, which now has a market cap of over $50 billion.

Dogecoin has seen huge price spikes and crashes over the years. As one of the leaders in the crypto sphere, there have been various Dogecoin price predictions and various analyses of the Dogecoin price chart by many crypto analysts.

The hype surrounding Dogecoin after launch in December 2013 saw DOGE surging over 300% in value from $0.00026 to $0.00095 in less than 72 hours. By December 19, DOGE had reached $0.00098890 amidst the euphoria surrounding its launch. Within two months, the value of 1 DOGE reached $0.001885 on February 12, 2014, a 625% increase from its launch price.

Dogecoin would not see another price spike for the next few years, as the excitement surrounding the crypto appeared to have subsided. The price of Dogecoin traded below $0.0002 for the majority of 2014, 2015, and 2016 with low daily trading volumes below $100,000. This low trading volume was particularly expected, as DOGE failed to provide an utility for investors considering its meme coin status. It was during this period that the price of DOGE reached its all-time low of $0.0000869. 

Dogecoin went on its first spike in the first half of 2017 to reach $0.0038 in June, making it the Dogecoin highest price at that point. Although the DOGE price would later go back down below $0.001 again, the excitement was reignited in the last quarter of 2017. The spike was fueled by social media hype and exposure from influencers. 

By December 2017, DOGE had crossed over $0.0038 again and continued this price surge to reach $0.01758 on January 7, 2018, a new all-time high for the cryptocurrency. The excitement didn’t last long, and DOGE declined for the next couple of years and failed to reach $0.001 again until January 2021.

Dogecoin remained relatively flat for a couple of years until after the COVID-19 pandemic restrictions started to clear up. In 2021, more people started investing in cryptocurrency, and the entire crypto industry went into a very exciting bullish sentiment to register record growth. DOGE got swept up in the rally and went through huge price swings during extreme periods of volatility.

Notably, the Dogecoin price USD rose from $0.0074 in January 2020 to $0.079 February 8, 2021, a 960% increase and a tease of what’s to come. The spectacular price increase didn’t stop there, as a strong bullish momentum pushed the crypto to $0.7316 on May 8, 2021, which is the Dogecoin highest price till date. The rise was partly due to hype on social media, especially from Elon Musk, Mark Cuban, and Reddit groups like r/dogecoin and r/SatoshiStreetBets promoting DOGE. 

Dogecoin also started to transition from a meme coin to utility at this point, as many businesses looked into accepting DOGE as a form of payment. 

The peak price in 2021 coincided with Musk’s appearance on Saturday Night Live, where he mentioned Dogecoin. But its price quickly retreated from that peak and fell over the next few months to close the year at $0.17, albeit with some spikes along the line.

Dogecoin is highly volatile, but the price brought forward its decline at the end of 2021 into 2022. Investors’ sentiment in the crypto market was generally poor during this period, and Dogecoin wasn’t left out. The first bearish wave came after the collapse of Silvergate bank which saw DOGE falling to $0.063. There were also multiple formations of monthly red candles on the Dogecoin price chart, with the price trading below $0.1 between May 2022 up till a recent breakout in February 2024.

Dogecoin may have started as a joke, but it has carved out a flourishing meme coin niche in the crypto industry. A recent reignition of bullish market momentum by Spot Bitcoin ETFs and a hype in Solana-based meme coins has seen Dogecoin trading above $0.1 again. This surge pushed the price of dogecoin to $0.22 again on March 29, 2024 for the first time since November 2021.

As a meme cryptocurrency, fluctuations in the price of DOGE is majorly affected by hype and excitement. Hype causes a rise in demand, which in turn drives up the price. Negative news stories or events can cause demand and prices to drop. The price rise and drop of Dogecoin is also tied to Elon Musk and social media platform X. Rumors surrounding the use of Dogecoin as a payment method on the platform have caused various price spikes. 

Lastly, the movement of Dogecoin price USD is closely tied to the overall cryptocurrency market, especially Bitcoin. When the crypto market is up and Bitcoin’s price is rising, altcoins like Dogecoin typically follow. 

Dogecoin remains a risky investment, but also an exciting one to watch. Analysts are predicting a continued bullish action, with dogecoin price prediction 2025 surpassing its current all-time high of $0.7316. 

NewsBTC is dedicated to providing readers information they need to make informed decisions. Our team of market analysts closely follow the cryptocurrency markets and provide regular updates on the Dogecoin price today, the Dogecoin price chart, market trends, Dogecoin price predictions, correlations to Dogecoin price history, and events that could impact investor portfolios.

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