Dogecoin suffered a severe blow in March’s market crisis, which resulted in a sharp decline in market capitalization.
Coingecko’s chart on Friday shows that Dogecoin is currently trading at $0.079378. This represents a 4.1% decrease over the previous week. The market cap for Dogecoin (DOGE) is $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 Captured Down by 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. A major decline in DOGE was caused by rising interest rates and inflation.
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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.
Musk stated at the beginning that he was going to spend $43 billion on Twitter. In just 10 days (Financial Times), Dogecoin's market value increased by approximately $1 billion from $18.45 million to $19.35 trillion.
Musk cast doubts this week on the possibility of a $44 Billion deal to buy the social media network.
The closing market cap for Dogecoin in May was 35 percent lower compared to the opening day market value for the month. DOGE recorded a solid trading volume in May of $991million, which corresponded roughly to $17 billion.
DOGE closed at $0.07004 two weeks later. DOGE began at $0.08464 shortly after that. Trading volume was approximately $2.63Billion, which corresponds to an estimated market capitalization around $10.97B. Since May 1, DOGE’s market value has decreased by 37 percent.
DOGE's total market cap is $10.5 billion according to the chart on Saturday| 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.
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However, DOGE’s price has fallen along with the wider cryptocurrency market. This is due to Bitcoin falling below $35,000 and dragging the majority of altcoins with it.
Dogecoin started May at $0.1276, hit a monthly peak of $0.1373 just four days later and touched a monthly low at $0.07004 May 12. It ended May at $0.08586.
Featured image taken from The Motley Fool chart on TradingView.com