Dogecoin’s value skyrocketed during the bubble that peaked at the end of 2017, and it fell with the rest of the cryptoverse during 2018.
In the summer of 2019, Dogecoin enthusiasts celebrated when the crypto exchange Binance listed the coin, and many thought Tesla, Inc. (TSLA) CEO Elon Musk had endorsed the coin in a cryptic tweet.
Dogecoin’s infrastructure has not been a central focus for volunteer coin developers. Dogecoin continues to operate and trade due to its active community of miners. Zachary Mashiach of CryptoIQ cites that numerous Scrypt miners still prefer Dogecoin (DOGE) over other Scrypt PoW cryptocurrencies.
Elon Musk openly supported Dogecoin in 2021, tweeting that he was working with the coin’s developers to improve transaction efficiency. The SpaceX founder ran a poll on social media asking if Tesla should accept Dogecoin as a form of payment.
In October 2021, cinema chain AMC Entertainment Holdings, Inc. (AMC) announced that it would accept Dogecoin for digital gift card purchases, further adding utility to the meme-based cryptocurrency.
As of August 2022, Dogecoin’s market cap ranking was number 11, with a market capitalization of $8.4 billion.