The Dogecoin army has been closely monitoring the meme coinโs depreciating value week by week. DOGE has lost an enormous amount of value from its all-time high on May 8, 2017, despite the fact that it remains one of the top 12 cryptocurrencies.
Mondayโs Coingecko statistics reveals that DOGE is trading at $0.054143, a decrease of 34% over the previous week. More than a year ago on this date, DOGE was trading at $0.739 per unit. Today, the 24-hour price range for this cryptocurrency asset is between $0.064 and $0.07 per coin.
Dogecoin is widely regarded as the first โmeme coin,โ having been founded as a joke by Jackson Palmer and Billy Marcus in 2013 to poke fun at the abundance of altcoins flooding the market.
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Dogecoin And Its Lost Glory
As of this writing, the market capitalization of Dogecoin is $8.68 billion, which represents 0.755% of the $1.15 trillion crypto economy. DOGE is ranked below Solana (SOL) and Polkadot (DOT) in terms of market position, despite having the 11th biggestย market capitalization (based on Mondayโs Coingecko chart)
DOGE is down over 91% since Elon Muskโs performance on Saturday Night Live on May 8, 2021. That evening, Musk delivered a series of monologues and skits that frequently mocked Dogecoin.
The price of Dogecoin has continuously risen as a result of Musk's amusing tweets. Image source: Complex.
The dog-themed coin thenย quickly drew the attention of theย billionaire Muskย who, ironically, began tweeting about it. Throughout 2020 and the first few months of last year, Muskโs humorous tweets regarding Dogecoin consistently caused its price to increase.
During this period, the coin attracted a group of ardent supporters known as the โDogecoin Army,โย whose declared objective was to bring the coinโs price above $1 or, as Musk touted it, โover the moon.โ
Many believed Muskโs debut on SNL would be effective. Regrettably, it did not.
Can A Musk Tweet Give DOGE A Shot In The Arm This Time?
Even though DOGE is down 91 percent from its all-time high, it is still up an amazing 75,260 percent since the assetโs all-time low on May 6, 2015. At that time, one DOGE was worth $0.00000869 cents. Recent market performance for the coinย has not been encouraging, as the DOGE price has decreased by 79.4 percent over the past year.
DOGE total market cap at $7.20 billion on the weekend chart | Source: TradingView.com
After a massive bull run in 2020 and 2021, the crypto market has been volatile all year, but โCrypto Winterโ would soon set in duringย the first week of May, when major currencies plummeted alongside the stock market.
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Along with the U.S. Consumer Price Indexย report for the month of May, which showed consumer goods prices climbing 8.6 percent compared to May 2021, the drop continued this past week. This is the biggestย year-over-year inflation figure since 1981.
Meanwhile, some are wondering if the โMusk influenceโ is still there to lift DOGE out of the doldrums and let it make noise again like it did during its heydeys.
Featured image from Chain Debrief, chart from TradingView.com
