Dogecoin [DOGE] Reaches Two-Month Low – What’s Next For Crypto’s Meme King?
Overview of Dogecoin (DOGE)
• Dogecoin (DOGE) has been trading lower this past week, dropping to a two-month low of $0.073.
• It was created in 2013 by software engineers Billy Markus and Jackson Palmer as a memecoin to mock crypto maximalists.
• Dogecoin went viral on social media platforms such as Reddit, gaining instant popularity worldwide.
Dogecoin’s Early Days
Dogecoin was created in December 2013 by two software engineers, Billy Markus and Jackson Palmer, with the intention of mocking cryptocurrency maximalists. The digital asset featured an image of an adorable Shiba Inu dog, a rare breed of hunting dog from Japan which made it popular on social media sites like Reddit. Thanks to its viral success, the memecoin soon earned a devoted following among those who were interested in cryptocurrency but not too serious about its alleged revolutionary potential.
The Crypto Boom and Elon Musk
Since its launch in 2010, the cryptocurrency industry has grown significantly and achieved mainstream adoption due to its appeal for decentralization and financial freedom from government control. This boom also brought attention to Dogecoin when Tesla CEO Elon Musk began tweeting about crypto during late 2021 and early 2022. This raised hopes in the Dogecoin community about increased use of cryptocurrencies. However, his recent focus on artificial intelligence has shifted away from crypto-related activities lately, leaving DOGE without much support from big-name influencers at present time.
The FTX Saga
In May 2022 the first crypto crash occurred following the Terra stablecoin debacle which caused DOGE’s price to drop below $0.15 – this was the highest since that time until recently when it peaked at around $0.098 towards the beginning of February 2021 after a resurgent crypto market boosted prices across all cryptocurrencies including DOGE/USD pairings.. Unfortunately though, this wasn’t enough to keep DOGE out of harm’s way as it has been struggling ever since with no signs of recovery yet due to fallout from the FTX saga which saw prices dip back down again shortly after hitting those highs earlier this year..
Dogecoin started out as a meme coin meant for laughs but quickly became one of the most popular cryptocurrencies around due to its viral success across social media platforms like Reddit and Twitter thanks in part to Tesla CEO Elon Musk’s promotion of it during late 2021 and early 2022 before shifting his focus elsewhere recently leaving DOGE without any major celebrity endorsements or backing currently.. Despite having experienced some significant highs earlier this year – such as reaching $0.098 towards the start of February 2021 – overall it hasn’t fared too well against other top cryptos since then due largely in part due fallout related issues stemming from ongoing issues surrounding FTX trading platform which have kept prices depressed ever since..