Dogecoin down 75% but still an incredible year
The popular and much hyped meme-based crypto asset dogecoin has had an incredible 12 months, seeing almost 6,000% growth against the U.S. dollar. Dogecoin success has also spurred significant demand for a number of other canine-themed cryptocurrencies this year with billions of dollars being funneled into these meme-coin economies. The Shiba Inu (SHIB) token is one of those for example. It was dubbed the DOGE killer at its inception.
Until recently, Dogecoin was considered not worth more than a penny. However, January 2021 saw the rise of the penny stock which got fueled by Elon Musk turning out to be the DOGE’s biggest fan and later pronouncing himself the ‘Dogefather’.
Just overnight, Musk could not resist tweeting about DOGE and said:
Lil X is hodling his Doge like a champ. Literally never said the word “sell” even once!
— Elon Musk (@elonmusk) July 17, 2021
Nonetheless recently, the original dogecoin has faded somewhat and lost 46% of its value over the last three months and 75% of its value since its All-Time High of $0.737.
The graph below shows DOGE’s decay over the past months that had set in the beginning of May.
On Sunday, July 18 at the time of writing, dogecoin (DOGE) has been trading for $0.18, according to CoinMarketCap data. This comes down to a loss of roughly 75% from the meme coin’s all-time high in May this year.
DOGE’s market capitalization is still very large market capitalization with over $24 billion at the time of writing., which is 8 times its competitor’s share, Shiba Inu (SHIB), which has a $2.8 billion valuation today.
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Author: Peter Siu