Can’t Keep a Good Dog Down: Meme Token Dogecoin Spiked Over 500% This Year

The leading cryptocurrency bitcoin has crossed new all-time highs (ATH) in 2020 and into 2021 as well. However, many other digital assets have a long way to go to reach the ATH they experienced three years ago in 2017. Although one particular older cryptocurrency, the popular meme token Dogecoin is nearing its 2017 ATH, well before a large slew of older coins. Dogecoin’s yearly gains have even outpaced bitcoin’s gains by rising more than 535% during the course of the year.

A great number of cryptocurrencies have yet to cross their all-time high (ATH) from the 2017 bull run three years ago. For instance, ethereum (ETH) is still a touch over 33% away from the 2017 ATH and it’s the closest in the top ten to do so, excluding newer crypto assets like LINK, and DOT. During the price highs on Sunday, the popular meme token dogecoin (DOGE) was only 32.29% away from reaching the crypto asset’s ATH achieved in 2017.

Dogecoin has done extremely well during the last year and during the last 24 hours of trading the token is up over 38%. DOGE has jumped 184% during the last week, 294% for the month, and 394% for the 90-day span. Dogecoin has even gained 115% against BTC, which is uncommon for most alternative crypto assets today.

Moreover, if one was to invest in dogecoin during the start of the year, their DOGE would have gained over 535% against the U.S. dollar.

The cryptocurrency featuring the likeness of the Shiba Inu dog and the infamous internet meme, Doge, has been around since its launch on December 6, 2013. Dogecoin is seven years old and was developed by Jackson Palmer and the programmer Billy Markus.

The coin’s purpose has always been to exist for fun and reaching a broader demographic. The supply cap of dogecoin is much larger than bitcoin’s 21 million as there’s 127.7 billion DOGE in circulation.

Moreover, lots of people think Tesla’s founder Elon Musk is responsible for bringing dogecoin back into the limelight in 2020. On December 20, 2020, Musk tweeted: “One word: Doge” and another time on his Twitter profile he called himself the “Former CEO of Dogecoin.”

Then earlier this year, many crypto fans on the social media app Tiktok tried to pump dogecoin up to a dollar per token. Of course, that never came to fruition, but DOGE saw a lot of gains at the time.

Despite Palmer and Markus creating dogecoin for just fun, the Shiba Inu dog token has managed to remain fairly valuable over the last seven years. The coin’s community is known for being extremely generous toward charity and dogecoin even had its own NASCAR vehicle as well.

Even though it’s only worth a U.S. penny and there’s billions of dogecoin in circulation, it has managed to remain a top 25 coin market cap contender. Just goes to show that you can’t keep a good dog down.

What do you think about dogecoin’s meteoric rise during the last year and the gains seen over the last week? Let us know what you think about this subject in the comments section below.

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