Back in 2013, when Dogecoin was introduced as a parody coin, not even its creators would have thought that it will survive these 7 years, let alone boast a marketcap of half a billion dollars, which during the peak of the 2017 bull run was at almost 2 billion dollars. However unlikely it seems Dogecoin has survived and maintained a consistent value throughout these years. Even further, this “Joke Currency” has enabled traders to multiply their capital through its annual moon missions.
From 2014, each year, Dogecoin produces a market cycle in which it hits the lowest price point for that year and will surge by more than 100%. Many traders have made significant profits from this market cycle.
The below-given table shows the performance of Doge during these yearly peaks.
The table is compiled using data from the date 01-01-2014 – 12-31-2019.
It shows the lowest value of Doge during a particular year in satoshis and the highest value in the same year.
The last two columns show the percentage gain and time period.
The percentage gain is calculated by assuming the fact that a person had bought the coin at its lowest point and sold at the absolute top later that year.
The time period is the shortest number of days in which the coin rose from its lowest value to its highest value in that particular year.
Furthermore, if the gain is compounded for each of these swings, then it would give you an astonishing figure of 452999%, which would mean that if someone had invested 100$ in Doge during 2014, and has since traded all these 6 swings from bottom to top, then the person would have amassed a figure of almost half a million, or 453000$ to be precise.
This annual peaking did not happen for this year until yesterday. However, from the early hours of today morning, Doge has shown signs of such a bull run when it surged from 25 satoshis to 60 satoshis in Binance. Although it has cooled down and is trading around 44 satoshis(during the time of writing), with everyone hoping and expecting an altseason, the dogecoin bull-run might not be done yet.
Though Doge may not have the making of an ideal cryptocurrency, this parody coin has withered through many storms and has provided consistent profit to many.
No wonder Doge is one of the favorite shitcoins of crypto enthusiasts around the world.