With a bearish market, the canine-themed meme coin Dogecoin suffered a major decline in trading volume. Investor interest also dramatically waned starting December 2021.
Further, there was a huge 66% slump in trading volume from January to March of 2021. Things got even worse in February when Russia invaded Ukraine.
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DOGE Slumps from 2021
In January this year, Dogecoin’s trading volume was at $33.51 billion. Comparatively, the trading volume in February 2022 dropped further to $22.44 billion.
The trading price of Dogecoin started at $0.1705 on January 1 and this closed Q1 at $0.1378. That is a nearly 20% drop between DOGE’s opening and closing price in the first quarter. Today, the DOGE price has dropped by 3.1% with a trading volume of $0.13569.
DOGE is now ranked 11th among the top 20 cryptocurrencies, with a market cap of $18 billion. (Image credit: The Scotsman)
When the Bitcoin price declines (BTC is down at 4.4% today), its peers or other altcoins also suffer a major drop. Call it a domino effect of sorts. Bitcoin along with other crypto tokens are down for quite some time as investors are feeling the agitation with the tightening plans by the U.S. Federal Reserve.
Dogecoin – The Strongest Meme Coin
Dogecoin was one of the strongest cryptocurrencies last year recording an all-time high and shooting up at $0.7376 in May 2021. DOGE is on the top 20 cryptocurrencies to date or at the 11th spot with a market cap ticking at $18 billion.
With the support of Tesla CEO Elon Musk and…