DOGE’s Market Cap Slips Down Following a Massive Price Fall

Dogecoin (DOGE) Price Falls 5.5% After Brief Rise Following Musk Tweet
  • Dogecoin Market Capitalization Dropped to 9th position.
  • The meme coin price falls 67% from it’s All-time high.
  • DOGE holders lose 4.8% of their assets in one day.

Dogecoin (DOGE) is a famous internet meme-coin which is an attraction for many investors and crypto enthusiasts. This dogecoin initially rose from being a joke coin to the most popular meme-based digital currency. Notably, DOGE’s fans are popular stars and business giants who believe dogecoin is a legitimate investment prospect. 

Recently, the Dogecoin community’s partnership with most popular brands and business leads were on a trend attracting the interests of large users. In addition, Twitter tweets from the Doge father, “Elon Musk”, the CEO of Tesla will be the main reasons for Dogecoin (DOGE) price surge. With its market performance more than 1500 merchants accepted Dogecoin as payments. 

So, performing as a great crypto deal, dogecoin was holding the 4th position in the market capitalization. At present, the DOGE slips down 67% from it’s all-time high and today the meme-coin ranks 9th place in the market. 

DOGE’s Market Value Dips

In August, the entire crypto market was resulting in a bullish trend seeking interest of more investors into digital space. One interesting concept the crypto market follows is the performance of Bitcoin (BTC). If the price of BTC and Ethereum (ETH) falls, the value of altcoins also dips. Then if the value of these top currencies rise, the price of altcoins also surge.

So, at that time, the value of dogecoin (DOGE) reached a value of $0.34 with massive trading volume in the market. All the dogecoin lovers were excited to notice such a price soar believing it is growing mature. According to CoinMarketCap, dogecoin holds the value of  $0.244046 USD, ranking #9 in the market capitalization. 

More so, this price dip affected the holders assets by 4.8% in the last 24 hours and 22.7% during last week. And so it is the toughest period for all the DOGE lovers all over the world. 

Besides, several crypto assets slowly started to drop in their value and price recently. Moreover, crypto analysts suggest, the price fall can be due to strict regulations on digital currencies. Thus, many investors are selling their assets in recent days due to Authoritative pressures. So, the investors are pulling out their earnings from the crypto space. 

However, with a price fall, Dogecoin is still receiving support from its users and lovers. And many crypto investors expect DOGE will reach $1 in the near future. Besides all struggles and challenges,  the Doge community is upgrading its network. Thus, the upgrade will offer its users super security and low transaction fees. 

As always being a Doge supporter, Elon Musk comments, Dogecoin relies on the social media hype to rise in value. And also claims that Dogecoin is the strongest cryptocurrency as a medium of exchange.

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A Professional HR with a huge interest in blockchain technology and cryptocurrency. Through her content writing skills, she became a passionate contributor to the crypto space. Being an active crypto enthusiast she is investing her time and experience into the digital sphere.