The Chronicle Rise of Dogecoin, Now Suffers From Drop-In Dollar Value

The Chronicle Rise of Dogecoin, Now Suffers From Drop-In Dollar Value

Dogecoin‘s perpetual rise since the end of last year now suffers. Its history for surpassing the market’s leaders, Bitcoin and Ethereum now faces the worst drop in its dollar value.

Dogecoin’s Dollar Value History

Dogecoin remained low upon its transaction value from its start till last year’s month of December. Dogecoin witnessed a transaction value of $713 million by the month of May 2017 for the first time. After that Dogecoin steadily increased throughout recent times. Since the end of last year, it witnessed a constant and stable dollar value in terms of its transactions with a few bears here and there. After December 2020 Dogecoin blockchain shot up to space like it got new blasting thrusters. The transaction value from wallet to wallet reached a peak of $82 Billion on May 5th, surpassing the records of Bitcoin and Ethereum. Bitcoin’s peak accounted for only $35 Billion and that of Ethereum even less than just $12 Billion. Outdoing two of the top market-leading blockchains is no joke. And all thanks to Elon Musk for pushing Dogecoin and its blockchain to such extents. 

Dogecoin’s Present Value

Dogecoin’s blockchain observed only just under $5 Billion in transaction amounts on Wednesday. This marks its biggest breakdown ever to about 93% from its highest of $82 Billion. All this fall down occurred in just a matter of a little more to two weeks. The extreme plunge observed was just 3 days prior to Wednesday. On Sunday the average transaction value was about $1.16 million, whereas on Wednesday it went down to $240,000 – marking a drop of 80%. Having a major transaction volume, it maintained somehow throughout despite the crisis and its fall in price. This hints that Doge is also used by many hefty account holders and stakers. Doge so far has come across a ramp walk of numerous sawteeth throughout a year’s time. By the mid of last month, the coin was pushed to its highest extent by various artificial means.

With the overall drop in its blockchain and its networks, now Dogecoin at present stands at $0.315. This is down of about 63% from it’s all time highest of $0.73.

Recommended for you

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.