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Dogecoin (DOGE) Trading Volume Plunges

With a bearish market, the canine-themed meme coin Dogecoin suffered a serious decline in buying and selling quantity. Investor curiosity additionally dramatically waned beginning December 2021.

Further, there was an enormous 66% hunch in buying and selling quantity from January to March of 2021. Things bought even worse in February when Russia invaded Ukraine.  

Suggested Reading | Dogecoin (DOGE) Jumps 30% After Elon Musk Buys Twitter

DOGE Slumps from 2021

In January this 12 months, Dogecoin’s buying and selling quantity was at $33.51 billion. Comparatively, the buying and selling quantity in February 2022 dropped additional to $22.44 billion.

The buying and selling worth of Dogecoin began at $0.1705 on January 1 and this closed Q1 at $0.1378. That is an almost 20% drop between DOGE’s opening and shutting worth within the first quarter. Today, the DOGE worth has dropped by 3.1% with a buying and selling quantity of $0.13569.

DOGE is now ranked eleventh among the many prime 20 cryptocurrencies, with a market cap of $18 billion. (Image credit score: The Scotsman)

When the Bitcoin worth declines (BTC is down at 4.4% immediately), its friends or different altcoins additionally undergo a serious drop. Call it a domino impact of kinds. Bitcoin together with different crypto tokens are down for fairly a while as traders are feeling the agitation with the tightening plans by the U.S. Federal Reserve.

Dogecoin – The Strongest Meme Coin

Dogecoin was one of many strongest cryptocurrencies final 12 months recording an all-time excessive and capturing up at $0.7376 in May 2021. DOGE is on the highest 20 cryptocurrencies to date or on the 11th spot with a market cap ticking at $18 billion.

With the help of Tesla CEO Elon Musk and billionaire entrepreneur Mark Cuban, Dogecoin is undoubtedly not working out of fuel when it comes to recognition, market cap, and provide. However, DOGE’s limitless provide additionally occurs to be its Achilles’ heel due to inflation points.

DOGE complete market cap at $20.10 billion on the weekend chart | Source: TradingView.com

The bearish strain has pressed on the DOGE worth placing it method beneath the essential degree or at $0.12. This worth conduct occurs when it strikes quick because it runs on empty. This might set off a flash crash that would go beneath the $0.09 degree.

DOGE’s Bullish Reversal

However, this disequilibrium or nice disruption can imply one factor. DOGE may very well be up to the next reversion. And Musk changing into the brand new proprietor of Twitter might flip issues round for the most well-liked meme-inspired coin.

Not everybody feels bullish, particularly with a meme coin but when it’s a DOGE then you definately are betting on one of the vital sturdy digital tokens round. With a bullish reversal, folks ought to undoubtedly prepare for DOGE to soar. 

Suggested Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike

Featured picture from Coingape, chart from TradingView.com

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