- Dogecoin continues to crash with a drastic notable fall in its price.
- FTX Collapse and BTC downfall are the major reasons for the decline.
- Loss of over $850M in DOGE’s market cap in the last 24 hours.
Dogecoin (DOGE) is a popular memecoin with a large user base holding a wide investors community. The main pillar for the coin to emerge and grow in the market is Elon Musk who is known as “Father of DOGE”. In the past few months, Dogecoin continues to plummet marking a drastic fall in its prices.
In addition, the memecoin is currently witnessing short-term selling pressure, which could lead to a tremendous crash for the DOGE ecosystem. At the moment, Dogecoin is trading at $0.100745 with a decline rate of 5.04% in the last 24 hours.
Moreover, there is a great inflation in the market cap of Dogecoin. However, the persistent downfall resulted in a loss of over $850 million in the last day.
Remarkable Fall of Dogecoin
The crypto space is facing notable challenges over recent months. More so, the rise of significant issues are creating a great impact on the price fall of all cryptocurrencies. In that case, the meme cryptocurrency hit hard with all the collapse booming in the crypto market. Right from then, DOGE is still shedding down with severe price fall.
Notably, the most significant crisis affecting memecoin are, the liquidity crunch of FTX and the unexpected price drop of BTC. The effect of these issues was the major reason for DOGE to experience a downtrend in the marketplace.
Suddenly, the recent buying pressure for Dogecoin arose because of the inflow of about $5 billion in its market cap in just 1 month. More so, the reason behind this inflow is due to two popular announcements in the market. One is the acquisition of Twitter by Elon Musk. The other is the implementation of Dogecoin as the payment gateway for the social giant.
As a conclusion, the crypto market provides high fluctuations affecting the community in both ways. Similarly, Dogecoin can suddenly rise up for high adoptions and at the same time can fall down with a crash. However, if this decline state progress, then there is a bearish future awaiting for the meme cryptocurrency near soon.