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 for 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.
In addition, this week’s historical data shows that Dogecoin (DOGE) held the fourth largest market cap on May 9th. At the time, DOGE market cap was $ 73.8 billion this week, above ADA’s overall market valuation. The $ 0.73 high didn’t last long, however, and the following week, historical metrics showed DOGE slipped to the fifth largest market cap, with Cardano (ADA) taking the lead again on May 16. Today, DOGE markets haven’t done that hot 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 floating around today and there are still whales that own a large portion of that supply. The infamous Dogecoin address “DH5y” 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. Metrics show that USDT is the largest pair to trade with DOGE on Tuesday as 70% of all swaps with Dogecoin are traded with tethers.
The USDT / DOGE volume is followed by 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 loss of 12.1%, 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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