August 12, 2022

Dogecoin was one of many cryptocurrencies that took a heavy blow from a market disaster that broke out in March, leading to a precipitous decline in its market capitalization.

In response to a chart by Coingecko on Friday, Dogecoin (DOGE) is buying and selling at $0.079378, a lower of 4.1% over the previous week. Its most up-to-date worth exercise resulted in a market cap of $10,637,807,407 USD.

The favored cryptocurrency impressed by memes completed the month of Could with a market cap of roughly $11.4 billion.

Dogecoin Market Cap Down 35%

Dogecoin’s market capitalization decreased from Could 9 to Could 13 on account of a common bearish market that intensified all through this era. Growing rates of interest, inflation, and the desire for much less unstable property similar to metals have been among the many financial variables that led to a serious selloff of DOGE.

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In the meantime, current consideration has been drawn to Dogecoin on account of Elon Musk’s potential buy of Twitter.

Reportedly, the social media platform is offering the billionaire with knowledge that covers the greater than 500 million tweets posted every day, probably placing closure to the Tesla CEO’s competition.

After Musk first stated that he would spend $43 billion to purchase Twitter, the market worth of Dogecoin went up by about $1 billion, from $18.45 billion to $19.35 billion in 10 days (Monetary Instances).

This week, Musk solid extra doubts on whether or not he’ll full a $44 billion settlement to accumulate the social community.

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The closing market cap for Dogecoin in Could was 35 % decrease in comparison with the opening day market worth for the month. DOGE noticed a sturdy buying and selling quantity of $991 million which corresponded to a market cap of roughly $17 billion.

Almost two weeks later, DOGE began at $0.08464 and closed at $0.07004. The buying and selling quantity of the memecoin was roughly $2.63 billion, which amounted to a market capitalization of roughly $10.97 billion. Since Could 1, DOGE’s market worth has decreased by 37 %.

DOGE whole market cap at $10.5 billion on the weekend chart | Supply: TradingView.com

Musk’s Twitter Reveal Boosts DOGE Market Cap

Following Musk’s preliminary reveal of his $43 billion Twitter acquisition, Dogecoin’s market valuation jumped by about $1 billion, from $18.45 billion to $19.35 billion, in 10 days.

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Since then, nonetheless, the value of DOGE has decreased alongside the broader cryptocurrency market, notably as Bitcoin plummeted under $35,000, dragging the majority of altcoins down with it.

Dogecoin started Could at $0.1276, reached a month-to-month excessive of $0.1373 4 days later, touched a month-to-month low of $0.07004 on Could 12, and ended the month at $0.08586.

Featured picture from The Motley Idiot, chart from TradingView.com