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After a distinguished rise final yr, 2022 has not been too variety to the highest meme coin asset dogecoin. Presently, the daddy of the meme coin financial system, dogecoin, has misplaced 91% in worth for the reason that crypto asset’s all-time excessive. Regardless of the drop, dogecoin remains to be a high ten contender among the many largest crypto market valuations as we speak.
The Dogecoin Canine Days — Meme Token King Sheds Vital Worth
Dogecoin followers have been watching the most important meme coin asset plummet in worth week after week. Whereas it’s nonetheless a high ten cryptocurrency, dogecoin (DOGE) has misplaced a whole lot of worth for the reason that asset’s all-time excessive on Might 8, 2021. Over a yr in the past as we speak, DOGE exchanged arms for $0.739 per unit and as we speak the 24-hour value vary for DOGE has been between $0.064 to $0.072 per coin.
On Sunday, June 12, 2022, there’s $567 million in worldwide DOGE commerce quantity in the course of the previous 24 hours. Dogecoin’s market valuation as we speak is $8.68 billion which equates to 0.755% of the $1.15 trillion crypto financial system. Whereas being the tenth largest market cap, DOGE is beneath solana (SOL) and simply above polkadot (DOT) when it comes to market positions.
Whereas 91% down from the all-time excessive is fairly important, DOGE remains to be up a whopping 75,260% for the reason that asset’s all-time low on Might 6, 2015. At the moment, seven years in the past as we speak, DOGE was buying and selling for $0.00008690 per unit. Dogecoin’s current market efficiency has not been so optimistic as 12-month stats present DOGE is down 79.3%.
DOGE misplaced 21% in 30 days, and 19.9% of that share was eliminated in the course of the previous two weeks. At this time, your complete meme-coin financial system is valued at $14.4 billion and DOGE equates to 60.27% of that worth. The remaining is occupied by shiba inu (SHIB) and the myriad of meme coin cryptos that have been born in the course of the previous yr.
Moreover, DOGE mining income misplaced greater than 76% final yr. Out of 15 completely different mineable crypto property, DOGE is the eleventh most worthwhile on the record. DOGE miners reached a hashrate all-time excessive on April 23, 2022, at block top 4,196,514 when it reached 1.34 petahash per second (PH/s).
At this time, the DOGE hashrate is coasting alongside at 362.97 terahash per second (TH/s), which is a 72.91% drop from the 1.34 PH/s excessive. Each DOGE mining income and the general hashrate plummeted an awesome deal in the course of the previous two months. Whereas DOGE has been down in worth an awesome deal, it’s not the meme coin’s first bear market.
DOGE has been via troublesome occasions over the past decade and it’ll arguably survive longer than a few of the newer meme coin property that have been created over the past 12 months. The one different meme coin that comes near DOGE is shiba inu (SHIB) with its $5.15 billion market valuation.
What do you concentrate on DOGE falling in worth over the past yr and the hashrate dropping since April? Tell us what you concentrate on this topic within the feedback part beneath.
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