Meme Token King Dogecoin Lost 91% in Value Since Last Year’s High, DOGE Mining Revenue Plummets – Market Updates Bitcoin News

The 2022 year has been a rough one for the most popular meme coin asset dogecoin. Currently, the father of the meme coin economy, dogecoin, has lost 91% in value since the crypto asset’s all-time high. Even with the decline, dogecoin still ranks among the top 10 crypto market valuers.

The Dogecoin Dog Days — Meme Token King Sheds Significant Value

Dogecoin supporters have seen the biggest meme coin asset fall in value each week. While it is still a top ten cryptocurrency, dogecoin (DOGE) has lost a lot of value since the asset’s all-time high on May 8, 2021. DOGE traded hands over a year ago for $0.739/unit. Today, the DOGE 24-hour price range is $0.064- $0.072 per coin.

On Sunday, June 12, 2022, there’s $567 million in worldwide DOGE trade volume during the past 24 hours. Dogecoin’s market valuation today is $8.68 billion which equates to 0.755% of the $1.15 trillion crypto economy. DOGE has the tenth highest market capital, but is just below solana and polkadot in terms of market positions.

While 91% down from the all-time high is pretty significant, DOGE is still up a whopping 75,260% since the asset’s all-time low on May 6, 2015. DOGE traded at $0.00008690/unit seven years ago. Dogecoin’s recent market performance has not been so optimistic as 12-month stats show DOGE is down 79.3%.

DOGE fell 21% over 30 days. 19.9% of this percentage has been removed in the past week. Today’s total meme-coin market is valued at $14.4 million. DOGE equals 60.27%. It is currently occupied by the shiba Inu (SHIB), and the many meme coin cryptos, which were created in the past year.

DOGE’s mining revenue fell by more than 76% in the last year. DOGE, out of the 15 available crypto assets that are mineable, is 11th on the list. On April 23rd, 2022 at block height 4,196k14, DOGE miners hit an all-time record hashrate high of 1.34 petahash/second (PH/s).

The DOGE hashrate today is at 362.97 Terahash per Second (TH/s), a 72.91% decrease from its 1.34 PH/s peak. The overall hashrate and DOGE mining revenues have both fallen a lot in the last two months. While DOGE has been down in value a great deal, it’s not the meme coin’s first bear market.

DOGE has seen some tough times in the past decade. It will likely survive better than many of the meme asset assets created within the past 12 months. DOGE’s closest competitor is SHIB (shiba Inu) at $5.15 Billion market value.

Do you agree with DOGE’s decline in value over the past year? And the Hashrate falling since April? Comment below and let us know how you feel about the subject.

Jamie Redman

Jamie Redman, a Florida-based financial journalist and news lead at Bitcoin.com News is Jamie Redman. Redman is an active participant in the cryptocurrency community from 2011. Redman is passionate about Bitcoin and open-source codes. Redman has contributed more than 5,000 articles to Bitcoin.com News since September 2015. These articles are about disruptive protocols that are emerging.