DOGE has remained inactive for much of its existence since its creation. During its debut in December 2013, the value of the currency was $0,0002 and its fans of a Reddit group crowded the site primarily. The currency value increased by approximately 300 percent on 9 December 2013 and grabbed the attention of the crypto community. The rise was however short-lived as DOGE collapsed in three days.
In January 2014, the currency regained some momentum and exceeded bitcoin’s trading volume shortly, but its market valuation remained behind the coin’s. The 2017 crypto boom increased the price of the currency, reaching a high of $0.017 in January 2018. This value stayed stable until July 2020, when a TikTok trend increased the price to $1.
The most important growth era of DOGE, however, was 2021. The currency was on a roll, eating Elon’s approval, and the price appears to be fast going towards the $1 threshold.
DOGE’s price is $0.4962 and ranks fifth while writing this post.
Factors affecting the price of Dogecoin
Overall performance in crypto markets:
Dogecoin is as volatile as other cryptocurrencies and is influenced by supply and demand in crypto markets. The price of cryptocurrency will continue to move in accordance with the crypto markets.
The impact of Elon Musk:
Elon certainly had a significant part in moving the meme trajectory. It is obvious that the mogul has a big effect on the cryptocurrency and its support affects DOGE’s value considerably.
Community of DOGE:
The community behind Dogecoin, commonly known as the Shibis, supports DOGE’s worth very much. The community of Reddit has rallied behind the currency, made it popular and expensive
within the crypto world.
