In December 2013, it was an ordinary winter when Billy Markus and Jackson Palmer created a 'funny' cryptocurrency called Doge, featuring the 'Shiba Inu' dog as its icon.
Initially, almost no one took it seriously, and Doge's value was nearly zero.
However, over time, Doge slowly began to accumulate a loyal fan base. These fans no longer saw it merely as a joke but started using Doge for small transactions and charitable donations, even supporting racing events. The Doge community gradually grew, and thus the price of Doge began to rise slowly. Although it is still considered a 'joke coin', it has garnered significant support from many people.
The first price surge: 2017
The first time Doge's price truly garnered widespread attention was in 2017. At that time, the prices of Bitcoin and Ethereum were also soaring, and the entire cryptocurrency market entered a frenzy of a bull market. Doge followed closely behind, with its price beginning to rise rapidly. Although its starting point was very low, its increase was astonishing. Many people began to notice the enthusiasm of the Doge community and the 'no pressure' atmosphere, and the price once broke through $0.01.
But like all cryptocurrencies, the bubble eventually bursts. Doge's price also experienced a significant drop in early 2018, falling from its peak back to under $0.001. This wave of decline caused many investors to give up, believing it to be merely a brief flash in the pan.
The second price frenzy: 2020-2021
What truly made Doge 'rise again' was Elon Musk (yes, the one who supported Trump in the 2024 U.S. election — Tesla's owner). At the end of 2020, Musk began frequently mentioning Doge on Twitter, even posting some humorous tweets, calling Doge the 'people's cryptocurrency.' These statements sparked global attention, and Musk's tweets, like his big rockets, propelled Doge's price to new heights.
In 2021, Dogecoin experienced its second wave of surges. At the beginning of January, its price was less than $0.01, but by mid-May, it surged to $0.7, setting a historical high with an increase of over 700%. Investors in the entire cryptocurrency market began to frantically buy Doge, believing it to be the next Bitcoin. Every tweet from Musk could trigger severe market fluctuations; sometimes, Musk's phrase 'To The Moon' could send Doge's price soaring, only for a subsequent 'teasing' tweet to cause a sharp drop.
However, as the market began to cool down, Doge's price started to adjust again. In the second half of 2021, the price fluctuated continuously, although it was far from the lows of 2018, it still faced significant volatility. By 2022, Doge's price fell back to around $0.2, but it still maintained a high level of market attention.
The third price frenzy: 2024 U.S. presidential election
This year's global focus — the U.S. presidential election, where Trump openly supports the crypto market + Musk fully backing Trump and planning to establish a new reform department called the 'Department of Government Efficiency' (D.O.G.E.). The goal of this department is to cut spending and streamline the 'massive, suffocating federal bureaucracy.' The acronym 'DOGE' directly captures the world's attention, buying Doge is akin to buying Trump's election, and Musk's concept of benefiting from the dragon spreads among the crowd. Doge's fundamental base is large, still unable to stop the influx of hot money, soaring from $0.078 to the current $0.44, transforming from a joke into a cryptocurrency with a market value of several billion dollars.
This is the legendary story of Doge; it has always been in the limelight and continues to write its own legend.