Dogecoin exchange rate: how the price of the leading memcoin on the crypto market changed
Early Dogecoin period (2013 - 2016)
Dogecoin is one of the oldest cryptocurrencies in the crypto market, having started trading on exchanges in December 2013. It is also one of the few early altcoins that managed to stay in the top ten cryptocurrencies by capitalization.
Even though less than two weeks after the launch of the DOGE cryptocurrency, Dogewallet was hacked, and about 21 million Dogecoin were stolen from users, this incident did not affect the asset's exchange rate significantly. Moreover, two days after the hack, the price of DOGE increased almost 1.4 times — from $0.00039 to $0.00054. However, the memcoin exchange rate quickly collapsed to $0.00022, lower than the price at the time of listing, which was $0.00029.
About two weeks later, in late January 2014, the price of DOGE rose more than seven times to its first all-time high at $0.0017 following news that Team Dogecoin had raised $50,000 for the Jamaican bobsled team's trip to the Sochi Olympics. However, it is not a fact that these events were somehow related.
Nevertheless, after that, the DOGE cryptocurrency exchange rate began to fall rapidly and reached a historic low of $0.00016 in August 2014. After rising to a local high of $0.00037 in September of the same year, the price of Dogecoin continued to decline gradually and reached a new historical low of $0.000085 — since then, the price has never reached such low values, and the growth of DOGE memcoin quotes resumed.
By the end of 2015, the Dogecoin price reached $0.00015. In January 2016, it reached a two-year high of $0.00034, but by March 2017, it had fallen to $0.0002.
First crypto boom and crypto winter (2017 - 2020)
Dogecoin's new growth phase began during the first significant crypto boom in 2017. The DOGE exchange rate began to rise following the quotes of Bitcoin and other leading altcoins. At that time, Dogecoin lagged far behind similar cryptocurrencies such as Bitcoin Cash (BCH), Litecoin (LTC), and even Bitcoin Gold (BTG) in terms of capitalization. Eventually, the leading altcoin broke into the leaders among them and got into the top ten largest cryptocurrencies.
After Dogecoin updated its all-time high (ATH) at $0.0034, the memcoin price returned to correction again, reaching a local low of $0.00089. However, in January 2018, the Dogecoin price set a new ATH at $0.15, demonstrating almost five-fold growth relative to the previous absolute maximum amid the general development of the crypto market.
Following the achievement of a new ATH, a long period of correction in the crypto market, dubbed "crypto winter", began. By August 2018, the price of the DOGE cryptocurrency fell to $0.0023, 6.5 times lower relative to the all-time high, but rose to $0.0064 in September of the same year.
Throughout 2019, the price of the Dogecoin cryptocurrency fluctuated between $0.002 and $0.0035. The first jump to the upper limit occurred in April 2019 after Elon Musk's post in which he first declared Dogecoin his favorite cryptocurrency: in just two days, the DOGE exchange rate rose almost 1.5 times.
New crypto rally (2021)
A new round of Dogecoin growth occurred in February 2021, when the DOGE cryptocurrency exchange rate reached $0.0078. In May of the same year, the rate of the leading memcoin on the crypto market updated its historical maximum at $0.73. The reason for this was the general rapid rise of the crypto market and the alt-season, as there were no significant events for Dogecoin.
Crypto market decline (2022 - 2023)
Immediately after reaching the new ATH, which is current as of September 2024, the price of the Dogecoin cryptocurrency began to fall. By October 2022, it had dropped to $0.056 — more than 13 times lower.
Until February 2024, when a new phase of growth in the crypto market began, the price of Dogecoin fluctuated between $0.06 and $0.12. Often, the DOGE rate jumped after Elon Musk's next tweets, but over time, this trend decreased, and tweets had little impact on the rate of the main memcoin.
Local growth and correction (2024)
In April 2024, the price of the Dogecoin cryptocurrency reached a two-year high of $0.2. Then, it almost immediately resumed falling amid a general correction in the crypto market. This correction intensified in July due to the news of the beginning of the distribution of funds to affected investors of the bankrupt companies Mt. Gox and Genesis Global, which created strong pressure on the crypto market.
All this happened against the news that the Federal Reserve refused to lower its key rate. Uncertainty was added by the upcoming U.S. presidential election race, the result of which could have an impact on the crypto market. After reaching a two-year low in April, the price of the DOGE cryptocurrency fell by half and dropped to $0.10 in September 2024.