This is how Dogecoin fared since it reached its current ATH a year ago
Dogecoin, the most popular meme coin, was at the top of the world a year ago. Now it’s down more than 80%
Meme cryptocurrency Dogecoin hit its all-time high of $0.73 a year ago.
Originally launched as a Bitcoin parody in 2013, the cryptocurrency reached a market cap of more than $90 billion, surpassing companies like Moderna, Dell Technologies, General Motors, and others.
Image by coingecko.com
The price spike coincided with billionaire Elon Musk’s appearance on Saturday Night Live, an American late-night sketch comedy show.
The price of Dogecoin experienced huge price swings during the installment. Musk’s mixed messages contributed to extreme volatility. As reported by U.Today, the self-proclaimed “Dogefather” predicted that his favorite cryptocurrency would take over the world, but he also called it a “hustle and bustle”, which confused his audience.
The price of Dogecoin fell by more than 40% in one day and has never recovered since.
Dogecoin has since gained wider adoption among merchants, with major brands like AMC, Tesla, and Gucci making it available for payments.
Some speculate that Dogecoin could also become Twitter’s official currency once Elon Musk takes over the platform. The Tesla boss himself has stated that the meme coin could be used to pay for premium subscriptions.
Last month, Robinhood CEO Vlad Tenev suggested that Dogecoin could become the currency of the internet after the implementation of Dogecoin Core 1.14.5, which helped to drastically reduce transaction costs.
But despite growing adoption and technological advancements, Dogecoin is struggling to recover. The Bitcoin parody is currently down 83.03% from its all-time high.