Dogecoin’s canine meme coin suffered major trading volume drops due to the bearish market. The investor interest began to decline dramatically in December 2021.
A 66% drop in trading volumes between January 2021 and March 2021 was also a problem. The situation deteriorated further in February, when Russia invaded Ukraine.
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DOGE Slumps starting in 2021
In January this year, Dogecoin’s trading volume was at $33.51 billion. In comparison, February 2022 saw a trading volume of $22.44 Billion.
Dogecoin’s trading price was $0.1705 at the beginning of January and closed at $0.1378 at the end of Q1. That is a nearly 20% drop between DOGE’s opening and closing price in the first quarter. The DOGE price fell by 3.1% today with $0.13569.
DOGE, which has a market capital of $18 million, is currently ranked 11th out of the 20 top cryptocurrencies. Image credit: The Scotsman
Bitcoin prices drop (currently, 4.4%) and altcoins suffer major drops. You can call it a domino effect. Bitcoin and other cryptocurrency tokens have been down since the U.S. Federal Reserve tightened its plans.
Dogecoin – The Strongest Meme Coin
Dogecoin, one of the most popular cryptocurrencies in 2017, reached an all-time record and climbed to $0.7376 by May 2021. DOGE ranks among the top 20 cryptocurrency coins to-date or in the 11th position.Thspot has a market capitalization of $18 billion
Dogecoin has the backing of Elon Musk, Tesla CEO, and Mark Cuban (billionaire entrepreneur), and is not in danger of running out of supply, popularity, or market capital. However, DOGE’s unlimited supply also happens to be its Achilles’ heel because of inflation issues.
Source: TradingView.com| Source: TradingView.com
DOGE has fallen below $0.12 due to bearish pressure. It behaves this way when the DOGE price is moving fast and not running on full. A flash crash could occur, which could cause the price to drop below $0.09.
DOGE’s Bullish Reversal
This disequilibrium, or extreme disruption could mean something. DOGE may have a greater reversion. Musk, the new Twitter owner could make things better for the meme-inspired cryptocurrency.
Not everyone feels bullish, especially with a meme coin but if it’s a DOGE then you are betting on one of the most robust digital tokens around. DoGE will soar with a bullish trend reversal.
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Featured image by Coingape. Chart from TradingView.com
