After a major uptick last year, 2022 hasn’t been too kind for top meme coin asset Dogecoin. Currently, Dogecoin, the father of the meme coin economy, has lost 91% in value since the crypto asset’s all-time high. Despite the decline, Dogecoin is still a top ten contender in the largest crypto market valuations today.
Dogecoin Dog Days – Meme Token King Sheds Significant Value
Dogecoin fans are watching the biggest Mem Coin asset drop in value week after week. Although 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. A year ago today, DOGE exchanged hands for $0.739 per unit and today 24-. The hourly price range for DOGE has been in the range of $0.064 to $0.072 per coin.
As of Sunday, June 12th, 2022, DOGE has $567 million in trading volume worldwide during the past 24 hours. The market valuation of Dogecoin today stands at $8.68 billion which is equivalent to 0.755% of the $1.15 trillion crypto economy. Despite having the tenth largest market cap, DOGE is below Solana (SOL) and just above Polkadot (DOT) in terms of market position.
While 91% below the all-time high is significant, DOGE is still up by 75,260% since the asset’s all-time low on May 6, 2015. At that time, seven years ago today, DOGE was trading at $0.00008690 per. Unit. Dogecoin’s recent market performance has not been so bullish as 12-month data shows DOGE is down 79.3%.
DOGE lost 21% in 30 days, and 19.9% of that percentage was removed during the past two weeks. Today, the entire meme-coin economy is valued at $14.4 billion and DOGE is worth 60.27% of that value. The rest is occupied by the Shiba Inu (SHIB) and a myriad of meme coin cryptos born during the past year.
Additionally, DOGE mining revenue declined by more than 76% last year. Out of 15 different minable crypto assets, DOGE is the 11th most profitable on the list. DOGE miners reached their all-time high at block height 4,196,514 on April 23, 2022, when it reached 1.34 petash per second (PH/s).
Today, the DOGE hash rate stands at 362.97 terahash per second (TH/s), down 72.91% from its high of 1.34 PH/s. DOGE mining revenue and overall hash rate have both declined significantly during the past two months. While the value of DOGE has dropped significantly, this is not the first bear market for Mem Coin.
DOGE has gone through tough times over the past decade and it will arguably survive longer than some of the new mem coin assets created during the past 12 months. The only other meme coin to come close to DOGE is the Shiba Inu (SHIB), which has a market valuation of $5.15 billion.
What do you think about the decline in the value of DOGE over the past year and the decline in the hash rate since April? Let us know what you think about this topic in the comment section below.
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