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Dogecoin Shed 91% Of Its Worth Since 2021 Excessive

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The Dogecoin military has been carefully monitoring the meme coin’s depreciating worth week by week. DOGE has misplaced an unlimited quantity of worth from its all-time excessive on Could 8, 2017, even if it stays one of many high 12 cryptocurrencies.

Monday’s Coingecko statistics reveals that DOGE is buying and selling at $0.054143, a lower of 34% over the earlier week. Greater than a yr in the past on this date, DOGE was buying and selling at $0.739 per unit. At the moment, the 24-hour value vary for this cryptocurrency asset is between $0.064 and $0.07 per coin.

Dogecoin is extensively considered the primary “meme coin,” having been based as a joke by Jackson Palmer and Billy Marcus in 2013 to poke enjoyable on the abundance of altcoins flooding the market.

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Dogecoin And Its Misplaced Glory

As of this writing, the market capitalization of Dogecoin is $8.68 billion, which represents 0.755% of the $1.15 trillion crypto economic system. DOGE is ranked beneath Solana (SOL) and Polkadot (DOT) by way of market place, regardless of having the eleventh greatest market capitalization (based mostly on Monday’s Coingecko chart)

DOGE is down over 91% since Elon Musk’s efficiency on Saturday Night time Stay on Could 8, 2021. That night, Musk delivered a sequence of monologues and skits that continuously mocked Dogecoin.

The worth of Dogecoin has repeatedly risen because of Musk's amusing tweets. Picture supply: Advanced.

The dog-themed coin then shortly drew the eye of the billionaire Musk who, sarcastically, started tweeting about it. All through 2020 and the primary few months of final yr, Musk’s humorous tweets concerning Dogecoin constantly precipitated its value to extend.

Throughout this era, the coin attracted a bunch of ardent supporters often known as the “Dogecoin Military,” whose declared goal was to convey the coin’s value above $1 or, as Musk touted it, “over the moon.”

Many believed Musk’s debut on SNL could be efficient. Regrettably, it didn’t.

Can A Musk Tweet Give DOGE A Shot In The Arm This Time?

Although DOGE is down 91 % from its all-time excessive, it’s nonetheless up a tremendous 75,260 % for the reason that asset’s all-time low on Could 6, 2015. At the moment, one DOGE was price $0.00000869 cents. Current market efficiency for the coin has not been encouraging, because the DOGE value has decreased by 79.4 % over the previous yr.

DOGE whole market cap at $7.20 billion on the weekend chart | Supply: TradingView.com

After an enormous bull run in 2020 and 2021, the crypto market has been risky all yr, however “Crypto Winter” would quickly set in throughout the primary week of Could, when main currencies plummeted alongside the inventory market.

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Together with the U.S. Shopper Value Index report for the month of Could, which confirmed client items costs climbing 8.6 % in comparison with Could 2021, the drop continued this previous week. That is the most important year-over-year inflation determine since 1981.

In the meantime, some are questioning if the “Musk affect” remains to be there to elevate DOGE out of the doldrums and let it make noise once more prefer it did throughout its heydeys.

Featured picture from Chain Debrief, chart from TradingView.com

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Sasith Mawan
Sasith Mawanhttps://techjunkie.xyz
I'm a Software Engineering graduate with more than 6 years experience on the IT world working as a Software Developer to Tech Lead. Currently the Co-Founder of a Upcoming Gaming Company located in United States.
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