With a bearish market, the canine-themed meme coin Dogecoin suffered a significant decline in buying and selling quantity. Investor curiosity additionally dramatically waned beginning December 2021.
Additional, there was an enormous 66% stoop in buying and selling quantity from January to March of 2021. Issues bought even worse in February when Russia invaded Ukraine.
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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 may be a practically 20% drop between DOGE’s opening and shutting value within the first quarter. Right this moment, 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. (Picture credit score: The Scotsman)
When the Bitcoin value declines (BTC is down at 4.4% immediately), its friends or different altcoins additionally endure a significant drop. Name it a domino impact of kinds. 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 taking pictures up at $0.7376 in Could 2021. DOGE is on the highest 20 cryptocurrencies to this point or on the 11th spot with a market cap ticking at $18 billion.
With the assist of Tesla CEO Elon Musk and billionaire entrepreneur Mark Cuban, Dogecoin is certainly not operating out of gasoline by way of recognition, market cap, and provide. Nevertheless, DOGE’s limitless provide additionally occurs to be its Achilles’ heel due to inflation points.
DOGE whole market cap at $20.10 billion on the weekend chart | Supply: TradingView.com
The bearish strain has pressed on the DOGE value placing it means beneath 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 beneath the $0.09 degree.
DOGE’s Bullish Reversal
Nevertheless, this disequilibrium or nice disruption can imply one factor. DOGE could possibly be as much as the next reversion. And Musk changing into the brand new proprietor of Twitter may flip issues round for the most well-liked meme-inspired coin.
Not everybody feels bullish, particularly with a meme coin but when it’s a DOGE then you might be betting on some of the strong digital tokens round. With a bullish reversal, individuals ought to undoubtedly prepare for DOGE to soar.
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Featured picture from Coingape, chart from TradingView.com