After a remarkable rise last year, 2022 has not been too kind to top meme coin asset dogecoin. Dogecoin, the father of the meme coin economy, is currently down 91% from the crypto asset’s all-time high. Despite this decline, dogecoin is a top 10 contender among the largest crypto market valuations today.
Dogecoin Dog Days – Meme Token King Sheds Significant Value
Dogecoin fans have seen the largest meme coin’s assets plummet every week. Still a top 10 cryptocurrency, dogecoin (DOGE) has lost a lot of value since its asset’s all-time high on May 8, 2021. over a year ago today, Dogecoin traded at $0.739 per unit, and today, Dogecoin’s 24-hour price range is $0.064 per coin to between $0.072.
On Sunday, June 12, 2022, global DOGE trading volume over the past 24 hours is $567 million. Today Dogecoin has a market valuation of $8.68 billion, which represents 0.755% of the $1.15 trillion crypto economy. despite being the 10th largest market cap, DOGE is below solana (SOL) and just above polkadot (DOT) in terms of market position DOGE is positioned below SOL and just above POLKADOT in terms of market position.
Although down 91% from its all-time high is quite significant, DOGE is still up a whopping 75,260% from the asset’s all-time low on May 6, 2015. At that time, seven years ago today, DOGE was trading at $0.00008690 per piece; 12-month statistics show that DOGE is down 79.3%, so Dogecoin’s recent market performance is not so optimistic.
DOGE has declined 21% in 30 days, 19.9% of which was removed during the past two weeks. Today, the entire meme coin economy is worth $14.4 billion, and DOGE represents 60.27% of that value. The remainder is accounted for by Shibai Inu (SHIB) and the myriad meme coin cryptos that have been created over the past year.
Additionally, DOGE’s mining revenues declined by more than 76% last year; of the 15 minable crypto assets, DOGE is the 11th most profitable on the list; DOGE miners will have a block volume of 4,196,514 on April 23, 2022 at 1.34 petahash per second (PH/s) when they reached the highest hash rate in history.
Today, DOGE’s hash rate is 362.97 terahashes per second (TH/s), down 72.91% from the 1.34 PH/s high. While DOGE is down significantly in value, this is not the first bear market for the meme coin.
DOGE has weathered difficult times over the past decade and will undoubtedly survive longer than some of the new meme coin assets created in the past 12 months; the only other meme coin near DOGE is Shiba Inu ( SHIB) is the only one.
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