Dogecoin Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue The Pulldown?
10 Juni 2022 - 2:45PM
NEWSBTC
Dogecoin was one of the cryptocurrencies that took a heavy blow
from a market crisis that broke out in March, resulting in a
precipitous decline in its market capitalization. According to a
chart by Coingecko on Friday, Dogecoin (DOGE) is trading at
$0.079378, a decrease of 4.1% over the past week. Its most recent
price activity resulted in a market cap of $10,637,807,407 USD. The
popular cryptocurrency inspired by memes finished the month of May
with a market cap of approximately $11.4 billion. Dogecoin
Market Cap Down 35% Dogecoin’s market capitalization decreased from
May 9 to May 13 as a result of a general bearish market that
intensified throughout this period. Increasing interest rates,
inflation, and the preference for less volatile assets such as
metals were among the economic variables that led to a major
selloff of DOGE. Suggested Reading | Axie Infinity Revenue
Continues To Collapse – Here’s Why Meanwhile, recent attention has
been drawn to Dogecoin as a result of Elon Musk’s potential
purchase of Twitter. Reportedly, the social media platform is
providing the billionaire with data that covers the more than 500
million tweets posted each day, potentially putting closure to the
Tesla CEO’s contention. After Musk first said that he would spend
$43 billion to buy Twitter, the market value of Dogecoin went up by
about $1 billion, from $18.45 billion to $19.35 billion in 10 days
(Financial Times). This week, Musk cast more doubts on whether he
will complete a $44 billion agreement to acquire the social
network. The closing market cap for Dogecoin in May was 35 percent
lower compared to the opening day market value for the month.
DOGE saw a robust trading volume of $991 million which corresponded
to a market cap of roughly $17 billion. Nearly two weeks later,
DOGE started at $0.08464 and closed at $0.07004. The trading volume
of the memecoin was roughly $2.63 billion, which amounted to a
market capitalization of approximately $10.97 billion. Since May 1,
DOGE’s market value has decreased by 37 percent. DOGE total market
cap at $10.5 billion on the weekend chart | Source: TradingView.com
Musk’s Twitter Reveal Boosts DOGE Market Cap Following Musk’s
initial 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. Suggested Reading | Bitcoin
Market Cap Shed Over $120-B Last Month – How Much More Can It Lose?
Since then, however, the price of DOGE has decreased alongside the
broader cryptocurrency market, particularly as Bitcoin plummeted
below $35,000, dragging the bulk of altcoins down with it. Dogecoin
began May at $0.1276, reached a monthly high of $0.1373 four days
later, touched a monthly low of $0.07004 on May 12, and ended the
month at $0.08586. Featured image from The Motley Fool, chart from
TradingView.com
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