The upcoming and widely anticipated event in the crypto space which is believed to have the key lock to introduce price upsurge to some cryptocurrencies has been the topic of discussion for a while now.
To digest the actual, a close look at the last Bitcoin Halving and Dogecoin’s performance 4 years ago will be considered.
The Last Bitcoin Halving: What Happened?
The last halving happened on May 11, 2020, when Bitcoin was trading at around $9,700, and Dogecoin was valued at $0.002611. From that point forward, both Bitcoin and Dogecoin have seen great price increases of 610% and 7,185%, respectively.
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In the two months following the Halving occasion, both Bitcoin and Dogecoin experienced a decline in price. Notwithstanding, from June to July 2020, Dogecoin’s price flooded by 40% while Bitcoin proceeded with its downward trend. In the subsequent month, from July to August, Bitcoin saw a 27% increment, while Dogecoin had a slight 3% dip.
One year after the last Bitcoin Halving, specifically in May 2021, Dogecoin arrived at its all-time high of $0.68, corresponding with Bitcoin’s then-all-time high of $63,576 in April 2021. By November 2021, Bitcoin had outperformed its past all-time high level.
Consequence Of The Halving Event
Dogecoin has climbed the position to become the eighth-biggest cryptocurrency its current $28 billion valuation and price drifting around the $0.20 mark.
In January 2020, Dogecoin ranked 29th in market capitalization, with more than $300 million. The total cryptocurrency market capitalization was $200 billion around then, making Dogecoin represent 0.15% of the whole market.
July 2020 saw a striking surge in Dogecoin price as a viral hashtag challenge got some forward momentum via social media space.
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A video circling encouraged users to trust and invest in Dogecoin, provoking a surge in interest.
TikTok’s 800 million users, after hearing the trend started purchasing Dogecoin as instructed. People were encouraged to buy 10,000 “coins” of Dogecoin and hold until it came to $1 per coin.
Also, Google’s auto-suggest results at the time uncovered a surge in searches for “how to buy Dogecoin,” frequently alluded to as “stock” or “share” because of the viral trend.
Can This Happen Again?
The impact of meme coins and Bitcoin as an institutional asset class are subjects expected to be completely investigated.
Giving attention to the flexibility of the crypto market, it is certain that Dogecoin could attain such a fit again or not. Historical patterns have helped analysts over the years to give accurate populations.
However, one may be on the right track if the last after halving Dogecoin activity is expected.