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Benzinga takes a look at how Dogecoin DOGE/USD , 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, Dogecoins 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 Bitcoins 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: Itll 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 TikToks 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.
Whats Next: The influence of meme coins andBitcoin as an institutional asset classare topics expected to be thoroughly explored at Benzingas upcomingFuture of Digital Assetsevent on Nov. 19.
Read Next: Dogecoin Down 7%, Contributor Reminds Community To Do Your Own Research
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