Dogecoin (DOGE), the master of memecoins cryptocurrency, is in a complicated position at this time bear market. It represents a drop of more than 90% from the total 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 was later made the preferred digital asset by Elon Musk.
It’s April 2021. It does not seem like a long way off, but the world has changed dramatically in just over a year. an bull market official and all cryptocurrencies were exploding. One of them surprised the experts in particular: the Dogecoin.
seo memecoin which was about much longer than these competitors were always able to maintain a loyal investor and fan base, this is how Dogecoin began to rise to an almost ever imaginable height for the altcoin, focused on 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 bitcoin figure two years earlier hit Saturday Night Live (SNL) last May with Elon Musk.
During this show, he promoted his favorite crypto, DOGE, which finally pushed the price of memecoin towards the aforementioned high. Musk has touched on his favorite cryptocurrency, saying it is a non-stop financial vehicle that could lead the world. He also mentioned that the piece was originally created and launched as a joke, but now “it’s retiring in a real way.”
Last year Tesla started selling some of its products for DOGE, and in 2022 Musk tweeted that a Dogecoin – compatible SpaceX would follow here soon.
Other personalities then appeared as strict defenders of Dogecoin, including the famous “prothedoge” who pledged all his fortune on this memecoin.
Disillusion in times of bear market
However, at present, the price of Dogecoin has lost almost all the gains made at the time.
Today, Dogecoin is trading at $ 0.05354, down nearly 0.27% over the past 24 hours, according to CoinMarketCap.
However, Dogecoin is not dead. Like bitcoin, it will receive other crashes and booms, but its adoption is still huge and its capital of sympathy is extremely strong among many investors, who see this currency as a fun and quick way to send money. This is a testament to the enthusiasm of the Dogepalooza festival in Texas. Dogecoin still a memecoin and, unlike bitcoin, it is not intended to be a legal currency on a national scale.
Dogecoin continues to upgrade and improve, and it is very likely that this cryptocurrency will continue to grow with the crypto market and the adoption of Web 3.0.
In the period of bear marketit’s easy to advertise certain cryptocurrencies for dead, however, this very special market is completely unpredictable and maybe one day we will see Dogecoin equalize the dollar.
Get 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!
Alexis Patin
Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.
