The Dogecoin army has been closely monitoring the meme coin\u2019s depreciating value week by week. DOGE has lost an enormous amount of value from its all-time high on May 8, 2017, despite the fact that it remains one of the top 12 cryptocurrencies.<\/p>\n
Monday\u2019s Coingecko statistics reveals that DOGE is trading at $0.054143, a decrease of 34% over the previous week. More than a year ago on this date, DOGE was trading at $0.739 per unit. Today, the 24-hour price range for this cryptocurrency asset is between $0.064 and $0.07 per coin.<\/p>\n
Dogecoin is widely regarded as the first \u201cmeme coin,\u201d having been founded as a joke by Jackson Palmer and Billy Marcus in 2013 to poke fun at the abundance of altcoins flooding the market.<\/p>\n
Suggested Reading | Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback<\/p>\n
Dogecoin And Its Lost Glory<\/p>\n
As of this writing, the market capitalization of Dogecoin is $8.68 billion, which represents 0.755% of the $1.15 trillion crypto economy. DOGE is ranked below Solana (SOL) and Polkadot (DOT) in terms of market position, despite having the 11th biggest\u00a0market capitalization (based on Monday\u2019s Coingecko chart)<\/p>\n
DOGE is down over 91% since Elon Musk\u2019s performance on Saturday Night Live on May 8, 2021. That evening, Musk delivered a series of monologues and skits that frequently mocked Dogecoin.<\/p>\n\n
The price of Dogecoin has continuously risen as a result of Musk’s amusing tweets. Image source: Complex.<\/p>\n
The dog-themed coin then\u00a0quickly drew the attention of the\u00a0billionaire Musk\u00a0who, ironically, began tweeting about it. Throughout 2020 and the first few months of last year, Musk\u2019s humorous tweets regarding Dogecoin consistently caused its price to increase.<\/p>\n
During this period, the coin attracted a group of ardent supporters known as the \u201cDogecoin Army,\u201d\u00a0whose declared objective was to bring the coin\u2019s price above $1 or, as Musk touted it, \u201cover the moon.\u201d<\/p>\n
Many believed Musk\u2019s debut on SNL would be effective. Regrettably, it did not.<\/p>\n
Can A Musk Tweet Give DOGE A Shot In The Arm This Time?<\/p>\n
Even though DOGE is down 91 percent from its all-time high, it is still up an amazing 75,260 percent since the asset\u2019s all-time low on May 6, 2015. At that time, one DOGE was worth $0.00000869 cents. Recent market performance for the coin\u00a0has not been encouraging, as the DOGE price has decreased by 79.4 percent over the past year.<\/p>\n\n
DOGE total market cap at $7.20 billion on the weekend chart | Source: TradingView.com<\/p>\n
After a massive bull run in 2020 and 2021, the crypto market has been volatile all year, but \u201cCrypto Winter\u201d would soon set in during\u00a0the first week of May, when major currencies plummeted alongside the stock market.<\/p>\n
Suggested Reading |\u00a0Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion<\/p>\n
Along with the U.S. Consumer Price Index\u00a0report for the month of May, which showed consumer goods prices climbing 8.6 percent compared to May 2021, the drop continued this past week. This is the biggest\u00a0year-over-year inflation figure since 1981.<\/p>\n
Meanwhile, some are wondering if the \u201cMusk influence\u201d is still there to lift DOGE out of the doldrums and let it make noise again like it did during its heydeys.<\/p>\n
Featured image from Chain Debrief, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The Dogecoin army has been closely monitoring the meme coin\u2019s depreciating value week by week. DOGE has lost an enormous amount of value from its all-time high on May 8, 2017, despite the fact that it remains one of the top 12 cryptocurrencies.<\/p>\n
Monday\u2019s Coingecko statistics reveals that DOGE is trading at $0.054143, a decrease of 34% over the previous week. More than a year ago on this date, DOGE was trading at $0.739 per unit. Today, the 24-hour price range for this cryptocurrency asset is between $0.064 and $0.07 per coin.<\/p>\n
Dogecoin is widely regarded as the first \u201cmeme coin,\u201d having been founded as a joke by Jackson Palmer and Billy Marcus in 2013 to poke fun at the abundance of altcoins flooding the market.<\/p>\n
Suggested Reading | Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback<\/p>\n
Dogecoin And Its Lost Glory<\/p>\n
As of this writing, the market capitalization of Dogecoin is $8.68 billion, which represents 0.755% of the $1.15 trillion crypto economy. DOGE is ranked below Solana (SOL) and Polkadot (DOT) in terms of market position, despite having the 11th biggest\u00a0market capitalization (based on Monday\u2019s Coingecko chart)<\/p>\n
DOGE is down over 91% since Elon Musk\u2019s performance on Saturday Night Live on May 8, 2021. That evening, Musk delivered a series of monologues and skits that frequently mocked Dogecoin.<\/p>\n
The price of Dogecoin has continuously risen as a result of Musk’s amusing tweets. Image source: Complex.<\/p>\n
The dog-themed coin then\u00a0quickly drew the attention of the\u00a0billionaire Musk\u00a0who, ironically, began tweeting about it. Throughout 2020 and the first few months of last year, Musk\u2019s humorous tweets regarding Dogecoin consistently caused its price to increase.<\/p>\n
During this period, the coin attracted a group of ardent supporters known as the \u201cDogecoin Army,\u201d\u00a0whose declared objective was to bring the coin\u2019s price above $1 or, as Musk touted it, \u201cover the moon.\u201d<\/p>\n
Many believed Musk\u2019s debut on SNL would be effective. Regrettably, it did not.<\/p>\n
Can A Musk Tweet Give DOGE A Shot In The Arm This Time?<\/p>\n
Even though DOGE is down 91 percent from its all-time high, it is still up an amazing 75,260 percent since the asset\u2019s all-time low on May 6, 2015. At that time, one DOGE was worth $0.00000869 cents. Recent market performance for the coin\u00a0has not been encouraging, as the DOGE price has decreased by 79.4 percent over the past year.<\/p>\n
DOGE total market cap at $7.20 billion on the weekend chart | Source: TradingView.com<\/p>\n
After a massive bull run in 2020 and 2021, the crypto market has been volatile all year, but \u201cCrypto Winter\u201d would soon set in during\u00a0the first week of May, when major currencies plummeted alongside the stock market.<\/p>\n
Suggested Reading |\u00a0Bitcoin Takes A Beating At $27K As Crypto Economy Settles Just Above $1 Trillion<\/p>\n
Along with the U.S. Consumer Price Index\u00a0report for the month of May, which showed consumer goods prices climbing 8.6 percent compared to May 2021, the drop continued this past week. This is the biggest\u00a0year-over-year inflation figure since 1981.<\/p>\n
Meanwhile, some are wondering if the \u201cMusk influence\u201d is still there to lift DOGE out of the doldrums and let it make noise again like it did during its heydeys.<\/p>\n
Featured image from Chain Debrief, chart from TradingView.com<\/p>\n
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