Dogecoin sheds 67% of its value since hitting its all-time high

Since attaining its all-time high of $0.737 two months ago, the notorious meme cryptocurrency dogecoin has been on a free fall, losing 67% of its value since reaching its milestone high and declining by over 30% for the past three months.

As if that weren’t enough, worldwide interest in the dog-theme token is also spiraling down, with search query “dogecoin” on Google Trends also sliding from an all-time high in interest. The digital asset lost 79% when it only managed to score 21, compared to its 100 scores attained in the second week of May.

According to tracking from CoinGecko, dogecoin is changing hands at just above $0.24 and is staring at a decline of 15.8% for the past seven days.

A worldwide drop

Similar findings can also be seen for the search query “DOGE” on a global scale, implying that there may be an across-the-board drop in interest for the 2013 joke cryptocurrency that was inspired by an internet meme.

Currently, Google Trends identify U.S., Turkey, Canada, Singapore, and the Netherlands as the countries that have the most interest, searching the term “dogecoin” on Google.

It doesn’t help also that one of Elon Musk’s latest Twitter posts implied that he may be done being the “Dogefather,” and is moving on to dogecoin’s spin-off token, the Shiba Inu.

Market cap and swapping

At one point in May, dogecoin’s market capitalization was massive and it even ate into bitcoin’s market dominance. Today, the asset’s market cap stands at around $31 billion.

Meanwhile, during Friday’s afternoon, dogecoin trade volume hovered around $5.3 billion in global swaps, with tether being the most swapped coin with the joke crypto, accounting for 73% of DOGE swaps at that time.

 

Image courtesy of Cointelegraph News/YouTube

Micky is a news site and does not provide trading, investing, or other financial advice. By using this website, you affirm that you have read and agree to abide by our Terms and Conditions.
Micky readers - you can get a 10% discount on trading fees on FTX and Binance when you sign up using the links above.