Dogecoin Shed 91% Of Its Value Since 2021 High

The Dogecoin military has been carefully monitoring the meme coin’s depreciating worth week by week. DOGE has misplaced an infinite quantity of worth from its all-time excessive on Could 8, 2017, even if it stays one of many prime 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 this time, the 24-hour worth vary for this cryptocurrency asset is between $0.064 and $0.07 per coin.

Dogecoin is broadly 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 financial system. DOGE is ranked beneath Solana (SOL) and Polkadot (DOT) when it comes to market place, regardless of having the eleventh largest market capitalization (primarily based on Monday’s Coingecko chart)

DOGE is down over 91% since Elon Musk’s efficiency on Saturday Evening Reside on Could 8, 2021. That night, Musk delivered a collection of monologues and skits that regularly mocked Dogecoin.

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

The dog-themed coin then rapidly 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 relating to Dogecoin constantly brought about its worth 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 worth above $1 or, as Musk touted it, “over the moon.”

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

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

Despite the fact that DOGE is down 91 % from its all-time excessive, it’s nonetheless up an incredible 75,260 % because the 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 worth has decreased by 79.4 % over the previous yr.

DOGE complete 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 unstable 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 shopper items costs climbing 8.6 % in comparison with Could 2021, the drop continued this previous week. That is the largest year-over-year inflation determine since 1981.

In the meantime, some are questioning if the “Musk affect” remains to be there to raise 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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