Bitcoin News and Finance
Dogecoin’s Downward Slide: 2-Month Stats Show Meme-Based Crypto Is Down 76% Skip to main content

Dogecoin’s Downward Slide: 2-Month Stats Show Meme-Based Crypto Is Down 76%

Dogecoin's Downward Slide: 2 Month Stats Show Meme-Based Crypto Is Down 76%

The infamous meme-based crypto asset dogecoin has had an incredible 12 months, rising more than 5,578% against the U.S. dollar. Dogecoin also ignited significant demand for a number of canine-themed cryptocurrencies this year as billions of dollars have funneled into these meme-coin economies. However, in recent times the original dogecoin has faltered, and over the last three months has shed 46.24% of its value.

Despite Being Down 76% Since the Meme Token’s All-Time High, 12-Month Stats Show Dogecoin Is Still up Over 5,000%

For many years, dogecoin (DOGE) spent its life trading below a U.S. penny — from 2014 all the way until January 2021. But much to the co-creator of dogecoin’s dismay, DOGE has surged in value during the last year against the U.S. dollar, gaining a whopping 5,578%.

Against bitcoin (BTC), DOGE has jumped 1,551% over the last 12 months. Still, after all those gains dogecoin has slid immensely in value following the rest of the crypto market’s downturn.

Dogecoin's Downward Slide: 2-Month Stats Show Meme-Based Crypto Is Down 76%On Saturday, July 17, dogecoin (DOGE) has been trading for $0.17 per unit after reaching $0.737 per unit two months ago. The well-known meme crypto is now down more than 76% from the crypto asset’s all-time high (ATH). Seven-day statistics show DOGE has lost 18% this week, and 30-day stats show a loss of more than 43% during the last month.

Dogecoin still has a very large market capitalization with $23 billion at the time of writing. The DOGE market cap is much larger than the coin’s ERC20 competitor, shiba inu (SHIB), which has a $3.3 billion market valuation today.

Baby Doge Sheds 63% This Week, Yooshi Token and Elondoge Gather This Week’s Double-Digit Meme Token Gains

In terms of percentages down from the ATH, dogecoin is down a lot more than many coins in the top twenty positions. Compared to dogecoin’s competitors like SHIB, dogecoin lost more weekly gains than SHIB’s 15% losses this past week.

However, baby doge (BABYDOGE) has lost a massive 63.2% this week. All the canine meme tokens have seen deep losses and only a few meme tokens have done well. A meme-crypto asset called yooshi (YOOSHI) has been the only big gainer, gathering 57% this week.

Dogecoin's Downward Slide: 2-Month Stats Show Meme-Based Crypto Is Down 76%

YOOSHI is not a dog coin, as it looks more like a frog, but the token community that claims to boast 220K members aims to create a metaverse, NFTs, and also to give to charity. Finally, a relatively unknown dog coin called Elondoge token (EDOGE) has gained double digits this week with a 28% rise.

It’s hard to say what the meme-based token economy will do from here, but it seems these coins are falling victim to the overall market sentiment no matter how colorful they are.

What do you think about dogecoin’s market performance in recent times and the other meme-based crypto assets? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Post a Comment
Read more
Blogarama - Blog Directory