With a bearish market, the canine-themed meme coin Dogecoin suffered a serious decline in buying and selling quantity. Investor curiosity additionally dramatically waned beginning December 2021.
Further, there was an enormous 66% stoop in buying and selling quantity from January to March of 2021. Things acquired even worse in February when Russia invaded Ukraine.
Suggested Reading | Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter
DOGE Slumps from 2021
In January this 12 months, Dogecoin’s buying and selling quantity was at $33.51 billion. Comparatively, the buying and selling quantity in February 2022 dropped additional to $22.44 billion.
The buying and selling value of Dogecoin began at $0.1705 on January 1 and this closed Q1 at $0.1378. That is an almost 20% drop between DOGE’s opening and shutting value within the first quarter. Today, the DOGE value has dropped by 3.1% with a buying and selling quantity of $0.13569.
DOGE is now ranked eleventh among the many high 20 cryptocurrencies, with a market cap of $18 billion. (Image credit score: The Scotsman)
When the Bitcoin value declines (BTC is down at 4.4% right now), its friends or different altcoins additionally endure a serious drop. Call it a domino impact of types. Bitcoin together with different crypto tokens are down for fairly a while as buyers are feeling the agitation with the tightening plans by the U.S. Federal Reserve.
Dogecoin – The Strongest Meme Coin
Dogecoin was one of many strongest cryptocurrencies final 12 months recording an all-time excessive and capturing up at $0.7376 in May 2021. DOGE is on the highest 20 cryptocurrencies up to now or on the 11th spot with a market cap ticking at $18 billion.
With the help of Tesla CEO Elon Musk and billionaire entrepreneur Mark Cuban, Dogecoin is certainly not working out of gasoline by way of recognition, market cap, and provide. However, DOGE’s limitless provide additionally occurs to be its Achilles’ heel due to inflation points.
DOGE complete market cap at $20.10 billion on the weekend chart | Source: TradingView.com
The bearish stress has pressed on the DOGE value placing it approach under the important degree or at $0.12. This value habits occurs when it strikes quick because it runs on empty. This might set off a flash crash that might go under the $0.09 degree.
DOGE’s Bullish Reversal
However, this disequilibrium or nice disruption can imply one factor. DOGE may very well be as much as a better reversion. And Musk turning into the brand new proprietor of Twitter might flip issues round for the preferred meme-inspired coin.
Not everybody feels bullish, particularly with a meme coin but when it’s a DOGE then you might be betting on one of the strong digital tokens round. With a bullish reversal, folks ought to undoubtedly prepare for DOGE to soar.
Suggested Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike
Featured picture from Coingape, chart from TradingView.com