The infamous Dogecoin was one of the first meme-based digital currencies and it’s safe to say that the coin inspired a wide variety of meme-focused or joke brands to be used for fun. However, while Dogecoin saw a phenomenal 8,515% increase in 2021 in 12 months, Dogecoin prices stagnated sharply last month. Dogecoin once had the fourth largest market capitalization, but today the overall market valuation of the original meme coin has slipped to ninth place.
Dogecoin slips to the ninth largest position in the market after the highs subsided, 67% less than ATH
At the beginning of the year, many people said that you can’t keep a good dog down after Dogecoin (DOGE) started its triumphant price surge and kept going up month after month. That’s because Dogecoin has been around for years, and in many of those years DOGE has traded for less than a US penny per unit. But thanks to a lot of social media activity, mainstream media headlines, mentions of celebrities and brand names, and some tweets from Elon Musk, Dogecoin hit an all-time high of $ 0.731 per coin on May 8, 2021.
Also this week historical data shows that Dogecoin (DOGE) had the fourth largest market capitalization on May 9th. At that time, the DOGE market capitalization was above ADATotal market valuation of $ 73.8 billion this week. However, the high of $ 0.73 did not last long and into the following week historical metrics indicate that DOGE with cardano (ADA) will take the lead again on May 16. Today, the DOGE markets haven’t done that much and the meme-based crypto asset has fallen 67% from its all-time high.
Dogecoin 30 day values drop 18%, mysterious ‘DH5y’ Dogecoin whale still holds over 36 billion DOGE
Dogecoin has a whopping 131,282,808,198 circulating supply today and there are still whales that own a large portion of that supply. The infamous “DH5y“The Dogecoin address now holds a massive 36.7 billion DOGE. As of Tuesday, the total market valuation for Dogecoin (DOGE) is $ 31.3 billion and the global trading volume of Dogecoin is approximately $ 1.1 billion. This is what the measured values show USDT is the largest pair that was traded with DOGE on Tuesday as 70% of all swaps with Dogecoin are traded with Tethers.
USDT/ DOGE volumes follow USD (11.41%), BUSD (5.33%), BTC (5.21%) and TRY (3.17%). The top exchange with the most Dogecoin action on Tuesday is Coinbase, followed by Kraken. The crypto exchanges Liquid, Bittrex and FTX follow the trading volumes of Coinbase and Kraken Dogecoin, respectively. Dogecoin holders have seen their wealth drop 4.8% in the last day alone and 22.7% in the last week. While the 14-day stats for DOGE posted a 12.1% loss, the 30-day stats show that Dogecoin’s fiat value is down 18.2%.
What do you think of Dogecoin’s lackluster market move and how the meme coin has slipped to ninth place in terms of market cap? Let us know what you think on this matter in the comments below.
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