When Dogecoin (DOGE) was introduced into the cryptocurrency network, no one would’ve thought it would become a top-ranking cryptocurrency. Launched back in 2013, Jackson Palmer and Billy Markus had thought nothing more of Dogecoin than a joke when creating it.
It was introduced as a meme coin and the developers only wanted to make fun of the payment system within the crypto-verse and its high volatility.
Ever since the launch, Dogecoin was indeed treated as a meme coin and nothing more. This is when in 2021, it caught the attention of Elon Musk. He not only talked about Dogecoin but even gave the meme coin, his blessing. He did this in the month of April 2021 and took the entire cryptocurrency by storm.
Dogecoin’s Performance in 2021
From 2013 to 2020, the highest price Dogecoin had hit was worth $0.004787. However, the year 2021 was going to rewrite Dogecoin’s history.
Just as the year 2020 began, Elon Musk started talking about the meme coin. Therefore, Dogecoin hit a high trading price of $0.01061 on the first day of 2021.
However, Dogecoin started gaining true fame and adoption in April when Elon Musk announced he had joined the DOGE army. From there, Dogecoin started gaining true adoption and by May 8, 2021, Dogecoin had hit its all-time high of $0.7376.
Unfortunately, from there until now, Dogecoin hasn’t been able to hit another AHT. Instead, its price has continued struggling. Although Dogecoin ended its year 2021 with a trading price higher than the start of 2021, still, it wasn’t a just end to a perfect year.
Performance in 2022
Dogecoin began its year 2022 at $0.1687, then dipped to $0.1432, then hit its all-year-high of $0.1944. From there, Dogecoin has continued dipped and so far, its price dipped to an all-year-low of $0.0753. Despite a few rallies, Dogecoin continued to move in the descending channel.
More Help from Elon Musk
The reason why Dogecoin started losing its fame and adoption from May of 2021 onwards was the lack of Musk’s interest. After supporting Dogecoin enough, Musk vanished from the Dogecoin universe. Therefore, DOGE continued to plummet, and even now, it is not having a good time.
However, in recent months, Elon Musk has started talking about Dogecoin. He is even in the process of acquiring Twitter, and it is predicted he may integrate DOGE to Twitter as a mode of payment for Twitter monetization.
With a few obstacles out of the way, Musk will acquire Twitter. If he goes with his plans of integrated DOGE to Twitter, then DOGE may be able to hit another AHT.