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Dogecoin Sheds 9.49 Percent as Crypto Market Tumbles

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Dogecoin, a meme coin aggressively pushed by billionaire Elon Musk, plunged by 9.49 percent in the last 24 hours to 0.24853 a coin after hitting a record-high of $0.74 on May 8, 2021.

The coin that started as a joke has gained 5,180.84 percent from the year to date with the total supply hitting 129.97 billion.

In the last 24 hours, investors traded dogecoin worth $679.40 million at an average transaction fee of $0.639526.

Elon Musk had aggressively pushed dogecoin and at some point signals, Tesla could adopt the meme coin as payment for its products in replacement for the out of favour Bitcoin.

A large number of cryptocurrency investors blamed Elon Musk for the current downturn of the entire crypto space with Anonymous, a decentralized international activist/hacktivist collective/movement widely known for its various cyber attacks against several governments, government institutions and government agencies, calling him an opportunist with his overvalued product, Tesla.

The decision of Tesla to pull the plug on Bitcoin by halting its acceptance as payment for its vehicles kick-started the current bearish trend but it was escalated by China’s action – banning banks from facilitating cryptocurrency payments like Nigeria.

However, it would be extended by the Federal Reserve’s new hawkish stance as investors are expected to shift their investment interests from haven assets like gold, unregulated cryptocurrency and others to bonds and other dollar assets in general.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Dogecoin and Binance Coin Witnessed the Biggest Price Jump in 2021

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The last two months have been pretty dynamic for the global crypto market. First, Elon Musk’s Bitcoin tweets and a new round of regulations by the Chinese government caused the unexpected pullback in Bitcoin and other cryptocurrencies in May. Then, a month later, cryptocurrencies plummeted again after the US Department of Justice seized $2.3 million in crypto coins paid to the ransomware extortionists Darkside.

Despite that, some of the world’s largest crypto coins have managed to significantly increase their value since the beginning of the year.

According to data presented by BlockArabia, Dogecoin witnessed a four-digit price growth between January and July, the biggest increase among the top 10 cryptocurrencies.

Dogecoin’s Value Soared by 2,100% YTD, Binance Coin Follows with a 727% Increase

Dogecoin’s popularity has exploded since the beginning of 2021. In January, the price of the original meme coin amounted to $0.009. A month later, after the Tesla CEO Elon Musk and rapper Snoop Dogg sent out a flurry of tweets about the coin, its price jumped to $0.08 and continued rising.

In May, it hit an all-time high of $0.7. Although this figure slipped to $0.20 last week, it still represents a massive 2,100% increase since the beginning of the year. Due to its recent surge in price, the original meme coin ranked as the eighth-largest crypto coin by market cap and the fifth most-traded cryptocurrency in June.

Compared to the leading cryptocurrencies, Binance Coin has a significantly lower price. However, the world’s fourth-largest digital coin with a market cap of $50.7bn follows Dogecoin when it comes to price growth. Statistics show Binance Coin’s price jumped by 727% over the last seven months, reaching $317.6 last week.

Bitcoin Witnessed the Smallest Price Growth Among the Top 10 Cryptos

The CoinMarketCap data showed Cardano’s price jumped by 623% YTD, growing from $0.18 to $1.31. Uniswap follows with a 316% price increase in this period.

After an outstanding performance throughout the last year, the price of the world’s second-largest cryptocurrency, Ethereum, exploded in 2021. Between January and March, it soared by nearly 150% to over $1,800 and continued rising. After reaching an all-time high of $4,300 in May, Ethereum’s price dropped to $2,063 last week, still a massive 180% increase YTD.

Statistics show the world’s biggest digital currency, Bitcoin, witnessed the smallest price increase since the beginning of the year. Bitcoin’s price rallied over 100% in five months of 2021, helping its market cap hit $1.1trn at the beginning of May. However, by the end of the month, the flagship cryptocurrency fell to more than three-month lows, dropping to about $30,000 at one point.

The unexpected pullback in Bitcoin and other cryptocurrencies came as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government. Statistics show that Bitcoin’s price stood at around $33,231 last week, a 14% increase YTD.

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Dogecoin Gains 3 Percent on Friday but Near-Term Trend Points South

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Dogecoin, a meme coin pushed mainstream by billionaire Elon Musk, rebounded slightly on Friday following a decline of 248.6 percent since it peaked at $0.76 a coin on May 8, 2021.

The coin gained 3 percent from $0.195419 it traded in the last 24 hours to $0.229505 a coin on Friday.

Investors traded dogecoins worth $796.89 million in 20,439 transactions in the last 24 hours. The meme coin has returned 4,526.94 percent profit this year so far.

Dogecoin like other cryptocurrencies has been on the decline despite Elon Musk tweeting last week Thursday to boost the coin attractiveness.

The zero-used case coin has consistently enjoyed Musk’s support even when experts pointed out the danger of investing in a joke project with zero use case.

However, with the decision to stop accepting Bitcoin as payment for Tesla, the cryptocurrency community now sees Elon Musk as an opportunist using the community to advance his brand and push his other projects to over 50 million followers on Twitter and other social media platforms.

It seems that investors are no longer listening and are finally realizing that the tweets of one man should not be the deciding factor for whether they buy or sell their assets,” Alexandra Clark, sales trader at UK-based digital asset broker GlobalBlock, said on Friday.

On the technical side, a break below $0.15960 support could open the meme coin for a long bearish trend to the $0.7 support level given the current bearish head and shoulders pattern formed on a weekly candlestick.

Therefore, the near-term remained bearish and could get worse if China pushes for more stringent policies on cryptocurrency.

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One-Quarter of US Crypto Investors Choose Dogecoin, Compared to 15% in the UK

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Cryptocurrency adoption continues to grow in 2021, with more than 300 million crypto users worldwide and 18,000 businesses already accepting crypto payments. Although Bitcoin and Ethereum, as the world’s largest digital coins, still hold the biggest ownership rates in the crypto space, Dogecoin climbed high on the list of the most popular crypto investments.

According to data presented by Tradingplatforms, one-quarter of US crypto investors have chosen Dogecoin in 2021, compared to 15% of them in the United Kingdom.

The Original Meme Coin Became the World’s Sixth Largest Cryptocurrency

Dogecoin started back in 2013 as a joke between two engineers but gained popularity quickly. IBM software engineer Billy Markus and Adobe software engineer Jackson Palmer successfully combined two of 2013’s greatest phenomena: Bitcoin and “doge,” to create a new crypto coin people started using as soon as it was released. More than a million unique visitors went to dogecoin.com within the website’s first month.

However, in 2021, Dogecoin’s popularity exploded. In February, the digital currency captured public attention as Tesla CEO Elon Musk and rapper Snoop Dogg sent out a flurry of tweets about the coin, driving up its price. The price continued growing in the following months, reaching an all-time high of $0.7 on May 8. Although this figure slipped to $0.24 last week, it still represents a remarkable 2400% increase since the beginning of the year.

The Measure Protocol data showed Dogecoin ranked as the third most popular cryptocurrency to own both in the United States and the United Kingdom. However, Bitcoin still convincingly tops this list in the two countries, with an 80.7% and 70% ownership rate, respectively.

Ethereum holds the high second place with a 35.7% share among the US investors and a 37.3% ownership rate in the United Kingdom. Litecoin and Bitcoin Cash round the top five list.

Dogecoin’s Market Cap Soared by 2,700% in 2021

Over the last six months, Dogecoin come to be one of the top ten cryptocurrencies by market cap. In January, the combined value of all Dogecoins in circulation amounted to around $1.1bn. After the tweets from Elon Musk and Snoop Dogg about the coin, this figure surged to $6.5bn the next month.

In April, Dogecoin’s market cap hit $50.5bn, a staggering 4500% increase in four months, and continued rising.

On May 8, it hit an all-time high of $93.5bn, and then stumbled significantly after the recent crypto price crash. Last week, it stood as $31.5bn, still a massive 2,700% increase since the beginning of the year.

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