The price of the cryptocurrency based on the famous internet meme broke its price decline in early November 2022, as people started buying the coin after FTX's collapse. This rally only lasted for a few days, however, as a Dogecoin was worth roughly 0.16 U.S. dollars on November 16, 2025. This is a different development than in 2021, when the crypto became very popular in a short amount of time. Between January 28 and January 29, 2021, Dogecoin's value grew by around 216 percent to 0.023535 U.S. dollars after comments from Tesla CEO Elon Musk. The digital coin quickly grew to become the most talked-about cryptocurrency available, not necessarily for its price - the prices of Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and several other virtual currencies were much higher than those of DOGE - but for its growth.

Dogecoin's market cap grew ******** in January 2021 after tweets from Tesla CEO Elon Musk, and has kept on growing since. By February 2021, the market cap of the cryptocurrency based on the famous internet meme had already *************. Compared to both the Bitcoin market capitalization as well as the Ethereum market cap, Dogecoin was not as popular.

Dogecoin trading volume did not reach until significant value until 2021, when public endorsements and certain events led to significant investor interest. The biggest recorded volume occurred in **************, two days after Tesla CEO Elon Musk posted - and eventually deleted - a cryptic tweet that said "Doge Barking at the Moon", along with a picture of the 1926 painting with the same name from Spanish artist Joan Miró. Many people saw this message as yet another endorsement for the cryptocurrency, as it looked like a reference to "to the moon" - originally a catch phrase from Reddit group WallStreetBets for the GameStop stock and eventually became associated with Dogecoin. This because around this time, the Dogecoin price development exceeded that of Bitcoin.

Although the number of transactions in Dogecoin increased in early 2021, there were roughly ****** of these on a single day. This figure is significantly lower when compared to the transaction volumes of other cryptocurrencies. Between January 28 and January 29, Dogecoin's value grew by around *** percent to ******** U.S. dollars after comments from Tesla CEO Elon Musk. The digital coin quickly grew to become the most talked-about cryptocurrency available.

Between December 2020 and January 2021, the fee for a transaction involving Dogecoin increased by over ***** percent. Transaction fees refer to the money paid to the cryptocurrency's miners to get transactions accepted, and cost increases can occur when user numbers increase: as the blockchain has limited space available to process all the transactions, it effectively becomes congested. Growing transaction fees therefore represent both the number of Dogecoin transactions that are waiting in line to be processed, but are also meant as an incentive to miners to process the especially large transactions - as they are more profitable for them. The increase in fees for the cryptocurrrency coincide with both an increase in Dogecoin transactions as well as a price surge for Dogecoin after tweets from Tesla CEO Elon Musk in early 2021.

Memecoin Shiba Inu saw its price grow by more than 300 percent within one and the same month, marking a trading fury reminiscent of Dogecoin in early 2021. Indeed, the SHIB coin ranked as one of the biggest crypto in the world based on 24h trading volume in October 2021 - with trading activity being almost as high as that of Ethereum. Originally starting out as a fun token based on the famous Japanese dog breed, the digital currency grabbed mainstream attention in 2021 probably due to its low barrier of entry: Even after its price spikes, Shiba Inu was one of the cheapest coins available, especially when compared to the price of 99 other cryptocurrencies. Combine this with survey information that most consumers in the U.S. and the UK invest in crypto either for growth or fun, and Shiba Inu is probably seen by many as a relatively simple, "quick win" investment. As of May 19, 2025, the price of one million Shiba Inu is 14.08.

Somewhat resembling developments of Dogecoin in early 2021, the market cap of Shiba Inu (SHIB) more than tripled in only a few weeks. This rapid growth especially occurred since September 2021, with the cryptocurrency breaking the ** billion U.S. dollar barrier multiple in the following month. Whilst no exact reason was given why the memecoin grew so fast during this time, the digital currency did become available on Coinbase, one of the world's most well-known crypto exchanges, on September 17. This move, and the fact that consumers in the U.S. and the UK overall tend to invest in crypto for fun or as a potential growth investment, might explain the popularity of the dog-themed coin. Indeed, Shiba Inu ranked as the number ** cryptocurrency in the world based on market cap in late October 2021 - closely behind DeFi-affilated like Uniswap (UNI) and Terra (LUNA).

Download figures for crypto wallets in 2025 were much closer to the all-time high reached in the middle of 2021 than in other years. This after comparing download figures from several apps, including Coinbase, Blockchain.com, Metamask, Trust, and Binance, among others. Whilst the ten most popular cryptocurrency wallets registered roughly *** million downloads in December 2020, one month later it had grown to over *** million. It is around this time the price of Bitcoin grew significantly, and other cryptocurrencies such as Dogecoin attracted more and more general interest. As of July 2025, the number of downloads reached **** million.