The entire crypto market took a huge hit on Friday, but of the top 10 coins, Dogecoin has been hit the hardest. Dogecoin lost 14.6 percent in 24 hours and is currently trading at $0.06882. Over the weekend, Dogecoin was still one of the stars with a price gain of more than 20 percent. That’s how fast things can go in the crypto world.
Price gain due to Dogechain
Dogecoin’s massive boom over the weekend was most likely triggered by the launch of Dogechain, a DeFi platform for Dogecoin. On the Dogechain network it is possible to use DeFi applications with Wrapped Dogecoin, it is possible to mint NFTs and much more.
The Dogecoin army could not enjoy this revival for long, because a large part of the price gain has now evaporated again. Bitcoin and Ethereum took a dive and that has prompted the rest of the market to liquidate their positions in other coins as well. In retrospect, it’s no surprise that Dogecoin hit the hardest of all the top 10 coins. You often see that a currency is more vulnerable to corrections after a huge rise.
Started as a joke
What you may not know is that Dogecoin has been in the crypto industry since 2013 and was originally conceived as a joke. The founders of Dogecoin thought it was nonsense that by copying the code of Bitcoin you could create a “new currency” and that those coins then also represent economic value. However, Dogecoin has been one of the largest coins in the industry for years now.
For most of its history, Dogecoin has been a project that has remained a bit under the radar of the market. That changed when Tesla and SpaceX CEO Elon Musk started talking about the coin on Twitter. From 2020, the price of Dogecoin started to rise like a “rocket” and the project even reached a market cap of 42 billion dollars at the top. A market cap that is higher than most companies in the S&P 500.