Top 5 Dogecoin Pumps Through The Ages

Dogecoin, the popular cryptocurrency itself, hit a new all-time high on January 28 after a staggering 1100% gain. Here’s a look at each time the dogecoin shot for the moon.

Dogecoin is a cryptocurrency that was created by Australian entrepreneur Jackson Palmer and software engineer Billy Markus in 2013. It was meant to be a mockery of the new alternative coins, or “altcoins,” which were flooding the space around the world. ‘time. The infamous Shibu Inu “doge” the project centers on was taken from a viral internet meme that was especially popular with early crypto users.

Dogecoin has seen a history of wild price moves which are primarily due to its popularity as a fun dog-themed cryptocurrency. In the past, challenges from TikTok and major celebrity backers have contributed to its price hike, and other times, cryptocurrency has risen for no reason at all.

Dogecoin’s first big fanfare began around March 10, 2017, as a significant increase in retail investment began pouring into the crypto market for the first time, lifting all alternative coins, or altcoins. In 70 days, the ‘joke’ cryptocurrency has risen by over 1,890%, from $ 0.00021 to a high of $ 0.0042 on May 21. Soon after, dogecoin fell 75% during a two-week market pullback that affected all cryptocurrencies.

By November 2017, a significant buying momentum had returned to the crypto market, with huge trading volumes driving bitcoin to a height of $ 19,783. The global crypto market cap has reached $ 830 billion and has sent smaller cap projects like the parabolic dogecoin.

On January 7, 2018, dogecoin broke $ 0.02 – 380% higher than its previous high. Its market capitalization at this point was $ 1.6 billion. However, this was very short lived and in eight days the price had dropped back by over 70% to $ 0.0047.

On April 14, 2018, just before the entire market entered “crypto winter” and hit its old lows, a large majority of crypto projects staged a brief rally. In three days, dogecoin rose 103% from $ 0.0020 to $ 0.0041. For comparison, bitcoin only managed to achieve a 40% rise in the same month.

By that time, the dogecoin market capitalization had more than halved from its all-time high at $ 573 million.

The first major dogecoin rally that was largely uncorrelated to the rest of the crypto market took place in September 2018, when a test of the Dogecoin / Ethereum bridge system was completed.

The bridge was supposed to be a new update that would allow interoperability between the two blockchains. The announcement rekindled community support for the project and the price of dogecoin increased 173% in 48 hours.

However, it later emerged that due to a collapse in the price of ether – the main cryptocurrency of the Ethereum project – there was not sufficient funding to continue developing the bridge and the update. has been suspended. Since then, it has not been discussed whether this bridge between Dogecoin and Ethereum will ever continue.

On January 11, 2021, traditional financial markets were heavily disrupted by a subreddit group called WallStreetBets (aka WSB). These amateur traders decided to rally against traditional financial institutions and pump up a number of stocks that the big hedge funds were betting on falling in value, such as GameStop, BlackBerry, AMC, Nokia and Bed Bath & Beyond.

On January 28, the WSB stock market craze spilled over into dogecoin and catalyzed the biggest crypto rally of the year to date. In less than two days, dogecoin soared to a new all-time high of $ 0.087 on the Binance exchange, which is a gain of 1,100%. The rally was fueled in part by a number of tweets, including one from Elon Musk, the world’s richest man and dogecoin enthusiast.

Netflix celebrity “Tiger” King Carole Baskin also tweeted a video expressing support for the dog-themed cryptocurrency.