Dogecoin (DOGE), the master cryptocurrency of memecoins, is in a complicated position in this time of bear market. It shows a fall of more than 90% since its absolute record.
Back to the Dogecoin ATH
Dogecoin was created and launched in 2013 by computer engineers Billy Markus and Jackson Palmer as a parody of Bitcoin. The piece is inspired by the Shiba Inu dog breed. It later became Elon Musk’s favorite digital asset.
It’s April 2021. It doesn’t seem that far away, but the world has changed a lot in just over a year. the bull market was official and all cryptocurrencies were exploding. One of them particularly surprised the experts: the Dogecoin.
This memecoin which has been around much longer than these competitors has always been able to maintain a loyal investor and fan base, this is how Dogecoin began its ascent to heights almost never imaginable for this altcoin, aiming for the famous parity with the American dollar.
Dogecoin reached an all-time high of $0.73 on May 9 and its market capitalization hit $91 billion, the figure bitcoin hit two years earlier on Saturday Night Live (SNL) in May. last with Elon Musk.
During this show, he promoted his favorite crypto, DOGE, which ultimately pushed the price of memecoin towards the aforementioned all-time high. Musk has touted his favorite cryptocurrency, calling it an unstoppable financial vehicle that could take over the world. He also mentioned that the piece was originally created and launched as a joke, but now “it’s taking off in a real way.”
Last year Tesla started selling some of its wares for DOGE, and in 2022 Musk tweeted that SpaceX would soon follow suit with Dogecoin here.
Other personalities then appeared as fervent defenders of Dogecoin, including the famous “prothedoge” who bet all his fortune on this memecoin.
Disillusion in times of bear market
However, at present, the price of Dogecoin has lost almost all of its gains achieved at the time.
Today, Dogecoin is trading at $0.05354, down nearly 0.27% in the last 24 hours, according to CoinMarketCap.
However, Dogecoin is not dead. Like bitcoin, it will experience other crashes and other booms, but its adoption remains massive and its sympathy capital is extremely strong among many investors, who see this currency as a fun and fast way to send money. silver. The enthusiasm around the Dogepalooza festival in Texas bears witness to this. Dogecoin remains a memecoin and is not intended, unlike bitcoin, to become a legal currency on a national scale.
Dogecoin continues to be upgraded and improved, and it is very likely that this cryptocurrency will continue to grow with the crypto market and the adoption of Web 3.0.
In period of bear marketit is easy to announce certain cryptocurrencies for dead, however this very special market is totally unpredictable and maybe one day we will see Dogecoin equalize the dollar.
Receive a summary of news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.