Dogecoin Army is closely monitoring the depreciating value of the Meme coin week after week. DOGE has lost a significant amount of value from its all-time high on May 8, 2017, despite the fact that it is one of the top 12 cryptocurrencies.
Monday’s Coingecko data shows DOGE is trading at $0.054143, down 34% from the previous week. More than a year ago on this date, DOGE was trading at $0.739 per unit. Today, the 24-hour price range for this cryptocurrency asset lies between $0.064 and $0.07 per coin.
Dogecoin, widely considered the first “meme coin”, was founded in 2013 by Jackson Palmer and Billy Marcus as a joke to poke fun at the abundance of altcoins that flood the market.
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Dogecoin and Its Lost Glory
At the time of this writing, Dogecoin has a market capitalization of $8.68 billion, which represents 0.755% of the 1.15 trillion crypto economy. DOGE is ranked below Solana (SOL) and Polkadot (DOT) in terms of market position, while it has the 11th largest market capitalization (based on Monday’s Coingecko chart).
DOGE is down more than 91% since Elon Musk’s performance on Saturday Night Live on May 8, 2021. That evening, Musk delivered a series of monologues and skits that often mocked Dogecoin.
The price of Dogecoin has continuously risen as a result of Musk's amusing tweets. Image source: Complex.
The dog-themed coin then caught the attention of billionaire Musk, who ironically began tweeting about it. Throughout 2020 and in the first few months of last year, Musk’s humorous tweets about Dogecoin steadily increased its price.
During this period, the coin attracted a group of ardent supporters known as the “Dogecoin Army”, whose stated objective was to bring the coin’s price above $1 or, as Musk called it, “over the moon”. was.
Many believed that Musk’s debut on SNL would be dominant. Sorry, that didn’t happen.
Can a Musk tweet shoot DOGE in the arm this time?
Even though DOGE is down 91 percent from its all-time high, it’s still up an astonishing 75,260 percent since the asset’s all-time low on May 6, 2015. At that time, a DOGE was worth $0.00000869 cents. The recent market performance for the token hasn’t been encouraging, as DOGE’s price is down 79.4 percent over the past year.
DOGE total market cap at $7.20 billion on the weekend chart | Source: TradingView.com
After massive upsurge in 2020 and 2021, the crypto market has been volatile throughout the year, but the “crypto winter” will soon begin during the first week of May, when major currencies fall along with the stock market.
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The decline continued last week, with the US Consumer Price Index report for the month of May showing consumer goods prices rising 8.6 per cent compared to May 2021. This is the biggest year-on-year inflation figure since 1981.
Meanwhile, some are wondering whether the “musk effect” is still there to lift DOGE out of gloom and let it make noise again like it did during its heyday.
Featured image from Chain Debrief, chart from TradingView.com