Is Dogecoin 2021 A Copy Of Bitcoin 2018?
Last Updated on 7 December 2021 by CryptoTips.eu
Going over my writings and musings of the past few months, I noticed that we don’t tend to talk about Dogecoin (which had its birthday yesterday) as much as we used to. This is perhaps because the most famous memecoin’s biggest fan, Tesla CEO Elon Musk, was apparently told by his board to stop tweeting about it, but it is more likely that the Dogecoin price drop, from a high of about 75 cents in May, just before Mr Musk presented Saturday Night Live, to a recently reached low of 16 cents, is not a reason for cheer.
Hey #doge army guess what's trending harder than ever.....#DogecoinToTheMoon LET'S GOOOOO!!!!!😱🥳🥳😱😱💥💥💥🚀🌞🌞 pic.twitter.com/16BfSdrbem
— Dogecoin To Infinity and Beyond! (@DogenewsCA) December 6, 2021
You may think that’s true of course, but on the other hand there are some interesting comparisons to be made. Dogecoin started the year at $0,004 only, and has thus still managed to climb several thousands of percentage points, 4940 percent according to CoinGecko.
As such, the price seems to have rocketed up and then lost some 70% to 90% since it’s top this year, which is comparable to the trajectory Bitcoin had in the 2017-2018 bullrun. Back then, Bitcoin started 2017 at around $800 to $1,000, depending on the platform you were checking. It then soared to around $20,000 by the end of the year, and all altcoins followed.
The Widowmaker
After that, the price of Bitcoin fell by about 65 percent during the month from 6 January to 6 February 2018. All other crypto coins (which had also peaked from December 2017 through January 2018), then followed Bitcoin’s crash in what was known as the widowmaker, or the great crypto crash.
$DOGE #DogecoinToTheMoon #dogecoin #doge #DOGEorTesla #dogecoin #DOGEUSDT happy muskday lil dogelon!🎂🐶❤️🎉🕯️🥮🥞 pic.twitter.com/bJgYcTizJk
— Dr.DogeDogener (@TaxAveryShow) December 6, 2021
If you think of what has happened to Bitcoin since though, it only went to new highs. Should Dogecoin follow a similar trajectory, it would mean that 2022 will be terrible for memecoins, but that we should expect another bull run as from the middle of 2023, where Doge would finally break the $1 mark.
We could be wrong. Jordan Belfort, the now infamous Wolf Of Wall Street, said in an interview with British Newspaper the Sun last week that:
Shiba Inu and Dogecoin are jokes with no real value and ‘s**tcoin’ creators should be jailed.
He is of course no good example himself.
benburdayimzaten / Depositphotos.com