After a notable rise last year, 2022 has not been a very favorable year for the main asset of the dogecoin meme coin. Currently, the father of the coin economy, dogecoin, has lost 91% in value since the crypto asset’s all-time high. Despite the fall, dogecoin is still among the top 10 market quotes today.
Dogecoin Dog Days – Meme Token King Loses Significant Value
Dogecoin fans are watching the largest meme-coin asset drop in price week after week. Although dogecoin (DOGE) is still among the top 10 cryptocurrencies, it has lost a lot of value since the asset’s all-time high on May 8, 2021. Today, over a year ago, DOGE changed hands at $0.739 per coin, and today DOGE’s 24-hour price range ranges from $0.064 to $0.072 per coin.
On Sunday, June 12, 2022, DOGE global trading volume in the last 24 hours was $567 million. The market valuation of Dogecoin today is $8.68 billion, which corresponds to 0.755% of the $1.15 trillion crypto economy. As the tenth largest by market capitalization, DOGE sits below the solana (SOL) and slightly above the pea (DOT) in terms of market positions.
While the 91% decline from the 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, DOGE was trading at $0.00008690 per unit. rev. Dogecoin’s recent market performance has not been as optimistic as 12-month stats show DOGE is down 79.3%.
DOGE lost 21% in 30 days and 19.9% of that percentage was removed in the last two weeks. Today, the entire memecoin economy is valued at $14.4 billion, with DOGE accounting for 60.27% of that value. The rest is occupied by shiba inu (SHIB) and a myriad of crypto-meme-coins born over the past year.
In addition, DOGE mining revenue lost over 76% last year. Of the 15 different crypto assets that can be mined, DOGE is ranked 11th on the list of the most profitable. DOGE miners hit an all-time high hash rate on April 23, 2022 with a block height of 4,196,514 when it hit 1.34 petahashes per second (PH/s).
Today, the DOGE hashrate is at 362.97 terahashes per second (TH/s), which is 72.91% less than the maximum value of 1.34 PH/s. Both DOGE mining revenue and total hashrate have dropped dramatically over the past two months. Although DOGE has fallen in price a lot, this is not the first bear market for a meme coin.
DOGE has fallen on hard times over the past decade and it may well live longer than some of the new meme coins that have been created in the past 12 months. The only other meme coin that comes close to DOGE is the Shiba Inu (SHIB) with its $5.15 billion market valuation.
What do you think about the DOGE price drop over the last year and the hashrate drop since April? Let us know what you think about it in the comments section below.
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Credit : news.bitcoin.com