Dogecoin was one of the cryptocurrencies that was hit hard by the market crisis that hit in March, causing its market capitalization to plummet.
According to Coingecko’s chart on Friday, Dogecoin (DOGE) is trading at $0.079378, down 4.1% from last week. Its latest price action resulted in a market capitalization of $10,637,807,407.
The popular meme-inspired cryptocurrency ended May with a market capitalization of roughly $11.4 billion.
Dogecoin market cap down 35%
The market capitalization of Dogecoin declined from May 9 to May 13 as a result of the general bear market that was intensifying during this period. Rising interest rates, inflation, and a preference for less volatile assets such as metals were among the economic variables that led to a major sell-off in DOGE.
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In the meantime, Dogecoin has received attention recently as a result of Elon Musk’s potential purchase of Twitter.
The social media platform is reportedly providing the billionaire with data spanning more than 500 million tweets posted each day, which could put an end to the Tesla CEO’s claim.
After Musk first said that he would spend $43 billion to buy Twitter, the market value of Dogecoin went up by about $1 billion, from $18.45 billion to $19.35 billion in 10 days (Financial Times).
This week, Musk became even more doubtful about whether he would complete a $44 billion acquisition of the social network.
The market capitalization of Dogecoin at the close in May was 35% lower compared to the market value of the month on the opening day. DOGE posted a significant trading volume of $991 million, which equates to a market capitalization of approximately $17 billion.
Nearly two weeks later, DOGE opened at $0.08464 and closed at $0.07004. Memcoin traded in volume of approximately $2.63 billion, which equates to a market capitalization of approximately $10.97 billion. Since May 1, the market value of DOGE has decreased by 37 percent.
DOGE total market cap at $10.5 billion on the weekend chart | Source: TradingView.com
Musk’s Twitter Post Increases DOGE’s Market Cap
After Musk’s initial announcement of his $43 billion acquisition by Twitter, Dogecoin’s market valuation jumped by about $1 billion, from $18.45 billion to $19.35 billion, in 10 days.
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However, since then, the price of DOGE has declined along with the broader cryptocurrency market, in particular when bitcoin fell below $35,000, pulling most of the altcoins with it.
Dogecoin started May at $0.1276, hit a monthly high of $0.1373 four days later, touched a monthly low of $0.07004 on May 12, and ended the month at $0.08586.
Featured image from The Motley Fool, chart from TradingView.com
Credit : www.newsbtc.com