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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Dogecoin Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue The Pulldown?

Christian Encila
Christian Encila
1 year ago
2 mins read

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Dogecoin was one of the cryptocurrencies that took a heavy blow from a market crisis that broke out in March, resulting in a precipitous decline in its market capitalization.

According to a chart by Coingecko on Friday, Dogecoin (DOGE) is trading at $0.079378, a decrease of 4.1% over the past week. Its most recent price activity resulted in a market cap of $10,637,807,407 USD.

The popular cryptocurrency inspired by memes finished the month of May with a market cap of approximately $11.4 billion.

Dogecoin Market Cap Down 35%

Dogecoin’s market capitalization decreased from May 9 to May 13 as a result of a general bearish market that intensified throughout this period. Increasing interest rates, inflation, and the preference for less volatile assets such as metals were among the economic variables that led to a major selloff of DOGE.

Suggested Reading | Axie Infinity Revenue Continues To Collapse – Here’s Why

Meanwhile, recent attention has been drawn to Dogecoin as a result of Elon Musk’s potential purchase of Twitter.

Reportedly, the social media platform is providing the billionaire with data that covers the more than 500 million tweets posted each day, potentially putting closure to the Tesla CEO’s contention.

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 cast more doubts on whether he will complete a $44 billion agreement to acquire the social network.

The closing market cap for Dogecoin in May was 35 percent lower compared to the opening day market value for the month. DOGE saw a robust trading volume of $991 million which corresponded to a market cap of roughly $17 billion.

Nearly two weeks later, DOGE started at $0.08464 and closed at $0.07004. The trading volume of the memecoin was roughly $2.63 billion, which amounted to a market capitalization of approximately $10.97 billion. Since May 1, DOGE’s market value has decreased by 37 percent.

DOGE total market cap at $10.5 billion on the weekend chart | Source: TradingView.com

Musk’s Twitter Reveal Boosts DOGE Market Cap

Following Musk’s initial reveal of his $43 billion Twitter acquisition, Dogecoin’s market valuation jumped by about $1 billion, from $18.45 billion to $19.35 billion, in 10 days.

Suggested Reading | Bitcoin Market Cap Shed Over $120-B Last Month – How Much More Can It Lose?

Since then, however, the price of DOGE has decreased alongside the broader cryptocurrency market, particularly as Bitcoin plummeted below $35,000, dragging the bulk of altcoins down with it.

Dogecoin began May at $0.1276, reached 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
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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