It was a tumultuous period these last 24 hours. We saw significant drops followed by swift recoveries, highlighting the unpredictable nature of cryptocurrencies. Bitcoin (BTC) and Ethereum (ETH) experienced sharp declines before rallying to trade up to 15% higher than their previous day’s lows. The surge in BTC and ETH, which saw an increase of 11% within a single day, propelled the growth of other major cryptocurrencies. Notably, Solana (SOL), Cardano (ADA), and BNB Chain (BNB) saw their values increase by up to 8%, according to CoinGecko. The general crypto index, reflecting the broader cryptocurrency market, recorded a 7.62% uptick.
Layer-2 blockchain tokens, those that build upon Ethereum’s infrastructure, led the market with an impressive 25% rise over the past day. Similarly, meme-based cryptocurrencies enjoyed a 16% increase, underscoring the diverse performance across different segments of the market.
Ups and downs
The initial market downturn early Wednesday in Asia was attributed to profit-taking activities following the previous week’s surge and a rapid unwinding of leveraged positions betting on higher prices. This led to a more than 15% reduction in the market’s overall capitalization over the week. Concerns were raised about Bitcoin’s potential downward trend, suggesting the possibility of further declines.
However, the market sentiment shifted later in the day, buoyed by a speech from Jerome Powell, Chair of the U.S. Federal Reserve, which was interpreted as dovish. Despite expectations of rising inflation, the Fed maintained its forecast for three interest rate cuts this year. QCP Capital, a trading firm based in Singapore, noted that the market rebound was primarily driven by spot trading, indicating genuine demand as opposed to the more speculative futures trading. This observation was to be further substantiated by incoming data on BTC spot ETF flows.
The standout performer, Dogecoin (DOGE), saw an 20% increase following a March 7 announcement by one renowned crypto exchange. The filing, which gained widespread attention on social media platform X, outlined the platform’s plans to introduce futures trading for DOGE, Litecoin (LTC), and Bitcoin Cash (BCH) starting April 1. Resultantly, DOGE price currently hovers above $0.15 on another established crypto exchange Gate.io.
This development led to speculation about the potential for a Dogecoin-focused spot exchange-traded fund (ETF), especially given the exchange’s reputation for stringent listing standards and adherence to regulatory guidelines. The general acknowledgement of DOGE as a serious investment, beyond its origins as a “joke” token, markes a significant shift in the cryptocurrency’s perception within the investment community.
The history of DOGE
Dogecoin emerged in late 2013, birthed from the playful minds of Billy Markus and Jackson Palmer. They both felt that the cryptocurrency scene was overly serious and lacked a sense of amusement. Palmer was responsible for setting up the Dogecoin.com website, becoming its initial spokesperson, whereas Markus devoted his efforts to developing the first four versions of the cryptocurrency as its lone developer.
The official release of Dogecoin on December 6, 2013, drew inspiration from the beloved Doge meme, featuring a Shiba Inu dog adorned with colorful Comic Sans text reflecting the dog’s supposed inner thoughts. This meme originated from a 2010 snapshot of Kabosu, a female Shiba Inu from Japan, who had been adopted by Atsuko Satō, a kindergarten teacher, from an animal shelter two years prior.
Contrary to its creators’ expectations, Dogecoin captured the hearts of internet users rapidly, achieving significant traction on platforms like Reddit where it served—and continues to serve—as a currency for tipping. Remarkably, Dogecoin surpassed Bitcoin in daily transactions mere weeks after its launch and attracted over a million visitors to its website within its first month.
By 2014, Markus and Palmer had stepped away from their roles, passing the torch to the Dogecoin Core Development team. This team, a tight-knit group of main developers backed by a rotating cast of over 40 contributors, has since been at the helm of Dogecoin’s development.
Despite its humorous beginnings, Dogecoin evolved into a cryptocurrency with a large, enthusiastic community. This community is known not only for its welcoming and jovial nature but also for rallying around numerous philanthropic and benevolent causes.
