Benzinga takes a look at how Dogecoin (CRYPTO: DOGE), the beloved meme-inspired cryptocurrency, has performed following the last Bitcoin Halving.
What Happened: The last Halving occurred four years ago on May 11, 2020, when Bitcoin was trading at around $9,700, and Dogecoin was priced at $0.002611. Since then, both Bitcoin and Dogecoin have seen impressive price surges of 610% and 7,185%, respectively.
In the two months following the Halving event, both Bitcoin and Dogecoin experienced price declines. However, from June to July 2020, Dogecoin’s price surged by 40% while Bitcoin continued its downward trend. In the subsequent month, from July to August, Bitcoin saw a 27% increase, while Dogecoin had a slight 3% dip.
Fast forward one year after the last Bitcoin Halving event, in May 2021, Dogecoin reached its all-time high of $0.68, coinciding with Bitcoin’s then-all-time high of $63,576 in April 2021. By November 2021, Bitcoin had surpassed its previous all-time high level.
Also Read: Hold On To Your Dogecoin: It’ll Be The ‘First Meme Coin To Reach $100B Market Cap,’ Says Trader
Why It Matters: Created by Billy Markus, Dogecoin has climbed the ranks to become the eighth-largest cryptocurrency with its current $28 billion valuation and prices hovering around the $0.20 mark.
In January 2020, Dogecoin was ranked 29th in terms of market capitalization, with just over $300 million. The total cryptocurrency market capitalization was $200 billion at that time, making Dogecoin account for 0.15% of the entire market.
July 2020 witnessed a notable surge in Dogecoin prices as a viral hashtag challenge gained traction on social media platforms.
A video circulating urged users to invest in Dogecoin, prompting a surge in interest.
The popular video-sharing platform TikTok’s 800 million users took notice and began buying Dogecoin as instructed. Users were advised to purchase 10,000 “coins” of Dogecoin and hold until it reached $1 per coin.
Google auto-suggest results at the time revealed a surge in searches for “how to buy Dogecoin,” often referred to as “stock” or “share” due to the viral trend.
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin Down 7%, Contributor Reminds Community To ‘Do Your Own Research’
Photo: Shutterstock
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