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The infamous memetic crypto asset Dogecoin ushered in better days because the digital currency hit an all-time high (ATH) two months ago at a price of $0.737 per unit. Today, Dogecoin has fallen by 67% since ATH and has fallen by more than 30% in the past three months, as interest in Dogecoin is waning.
Global interest in DOGE is declining because the search query “dogecoin” on Google Trends (GT) has slipped from the interest of ATH. Dogecoin scored 100 in the second week of May and scored 21 this week, a 79% drop.
A global search query for the term “DOGE” showed similar results, as interest appeared to decline across the board. According to GT’s data, the countries most interested in searching for the term “Dogecoin” on Google today include the United States, Turkey, Canada, Singapore, and the Netherlands.
The price of Dogecoin fell sharply in the last month and within a week. DOGE is 0.23 US dollars per unit, which fell more than 16% last week and fell 30% against the US dollar last month.
The market value of Dogecoin was huge at some point in May, and it eroded the dominance of Bitcoin (BTC). Today, the market value of Dogecoin (DOGE) is approximately $31 billion. On the afternoon of Friday, June 25, the global swap volume of Dogecoin was approximately US$5.3 billion.
The most exchanged coin with Dogecoin today is Tether (USDT), which controls 73% of today’s DOGE exchange. Followed by BTC (6.29%), U.S. dollar (6.23%), BUSD (4.85%) and Turkish Lira (TRY), which accounted for 3.79% of all Dogecoin swaps on Friday. Dogecoin fell by only 7% on Friday, which is much lower than the percentage loss of most crypto assets in all more than 9,000 coins.
Some reports say that Elon Musk recently “Bitcoin Maxi” Tweet, Pushing up the price of Dogecoin. However, Musk did not tweeted about Dogecoin, at least as many as he did before his appearance on Saturday Night Live (SNL).
Although its price has fallen by 67% since ATH, DOGE still has a way to get rid of long-term gains. In the past three months, Dogecoin’s exchange rate against the U.S. dollar has still risen by 335%, while it has risen by 661% against BTC in the same period. So far, the 12-month statistics of Dogecoin against the U.S. dollar is still up 9,739%.
Leading coins such as Bitcoin (BTC) and Ethereum (ETH) are far from reaching the 12-month gains seen by DOGE, but because they are 67% lower than ATH, some Dogecoin owners will definitely stick to heavier bags.
What do you think of Dogecoin’s recent downward spiral? Please tell us your thoughts on this topic in the comments section below.
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