Dogecoin has been the talk of the crypto town over the past few days, thanks to Elon Musk. Owing to the recent appreciation, investors have been fetched with more than 111% returns on their DOGE HODLings in just the past 7-days.
Dogecoin’s Journey of eliminating zeros
The largest memecoin was launched back in 2013. Per the launch-time data on CoinGecko, the asset was priced at around $0.0005 during its initial days. In the second week of 2014, however, Dogecoin dropped down to a low of $0.00020813.
Over the next few weeks, the tides reversed and the asset embarked on its journey of eliminating zeros. By February 2014, the asset’s price had already inclined to create a then-high of $0.00188.
It sustained value for a while but eventually started declining. In May 2015, Dogecoin went on to create its all-time low of $0.0000869. Its price mostly remained stagnated over the next couple of years and only in 2017, was it able to re-attain its 2014 levels.
Then, a new high was attained in 2018 and the asset was trading with merely one zero for a few weeks. Nevertheless, Dogecoin ended up falling victim to the 2018 bear market and its value remained suppressed.
Then, of course, DOGE created an ATH of $0.69 last year when Musk made his SNL appearance. It deflated right after and was back to its knees. The latest rise, however, has managed to pump back life into the Dogecoin ecosystem.
From its ATL level, DOGE is up by 159288.8%. This means, if you invested $1000 back then, it would now be worth around $1.59 million.
Dormant Dogecoin address becomes active
On 2 November, Whale Alert brought to light that an address that had been dormant for almost 9 years got activated. The said address possessed around 2.3 million DOGE tokens.
Per on-chain data, the tokens were transferred to multiple outputs in two batches—containing 2.08 million tokens, and 356.2 million tokens respectively—for a fee of 63 DOGE.
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