Dogecoin was one of many cryptocurrencies that took a heavy blow from a market disaster that broke out in March, leading to a precipitous decline in its market capitalization.
According to a chart by Coingecko on Friday, Dogecoin (DOGE) is buying and selling at $0.079378, a lower of 4.1% over the previous week. Its most up-to-date worth exercise resulted in a market cap of $10,637,807,407 USD.
The widespread cryptocurrency impressed by memes completed the month of May with a market cap of roughly $11.4 billion.
Dogecoin Market Cap Down 35%
Dogecoin’s market capitalization decreased from May 9 to May 13 on account of a normal bearish market that intensified all through this era. Increasing rates of interest, inflation, and the choice for much less unstable property resembling metals have been among the many financial variables that led to a serious selloff of DOGE.
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Meanwhile, latest consideration has been drawn to Dogecoin on account of Elon Musk’s potential buy of Twitter.
Reportedly, the social media platform is offering the billionaire with information that covers the greater than 500 million tweets posted every day, probably placing closure to the Tesla CEO’s competition.
After Musk first stated that he would spend $43 billion to purchase Twitter, the market worth of Dogecoin went up by about $1 billion, from $18.45 billion to $19.35 billion in 10 days (Financial Times).
This week, Musk forged extra doubts on whether or not he’ll full a $44 billion settlement to amass the social community.
The closing market cap for Dogecoin in May was 35 % decrease in comparison with the opening day market worth for the month. DOGE noticed a sturdy buying and selling quantity of $991 million which corresponded to a market cap of roughly $17 billion.
Nearly two weeks later, DOGE began at $0.08464 and closed at $0.07004. The buying and selling quantity of the memecoin was roughly $2.63 billion, which amounted to a market capitalization of roughly $10.97 billion. Since May 1, DOGE’s market worth has decreased by 37 %.
DOGE whole market cap at $10.5 billion on the weekend chart | Source: TradingView.com
Musk’s Twitter Reveal Boosts DOGE Market Cap
Following Musk’s preliminary 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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Since then, nevertheless, the value of DOGE has decreased alongside the broader cryptocurrency market, notably as Bitcoin plummeted beneath $35,000, dragging the majority of altcoins down with it.
Dogecoin started May at $0.1276, reached a month-to-month excessive of $0.1373 4 days later, touched a month-to-month low of $0.07004 on May 12, and ended the month at $0.08586.
Featured picture from The Motley Fool, chart from TradingView.com