The infamous meme-based crypto asset Dogecoin has been through an incredible 12 months and is up more than 5.578% against the US dollar. Dogecoin has also generated significant demand for a range of dog-themed cryptocurrencies this year as billions of dollars have poured into these mem-coin economies. However, lately the original Dogecoin has stalled and has lost 46.24% of its value in the past three months.
Despite a 76% decline since the meme token’s all-time high, 12-month stats show that Dogecoin is still up over 5,000%
For many years, Dogecoin (DOGE) has traded for under a US penny all its life – from 2014 to January 2021. But much to the dismay of the Dogecoin co-creator, DOGE has appreciated against the US dollar in the last year, reaching a whopping 5.578 %.
Compared to Bitcoin (BTC), DOGE is up 1.551% in the past 12 months. But after all of these gains, Dogecoin has lost immense value after the rest of the crypto market downturn.
On Saturday, July 17, Dogecoin (DOGE) traded for $ 0.17 per unit after hitting $ 0.737 per unit two months ago. Well-known meme crypto is now down more than 76% from the all-time high (ATH) of the crypto asset. Seven-day stats show DOGE lost 18% this week, and 30-day stats show a loss of more than 43% in the last month.
Dogecoin still has a very high market cap of $ 23 billion at the time of writing. The DOGE market cap is much higher than that of the coin’s ERC20 competitor, Shiba Inu (SHIB), which today has a market valuation of $ 3.3 billion.
Baby Doge is losing 63% this week, Yooshi tokens and Elondoge are accumulating double digit meme token winnings this week
In terms of percentages against the ATH, Dogecoin has declined much more than many coins in the top 20 positions. Compared to Dogecoin competitors like SHIB, Dogecoin lost more weekly profits than SHIB’s 15% losses over the past week.
However, Baby Doge (BABYDOGE) is down a massive 63.2% this week. All dog meme tokens have suffered deep losses and few meme tokens have done well. A meme crypto asset called Yooshi (YOOSHI) was the only big winner, raking 57% this week.
YOOSHI is not a dog coin as it looks more like a frog, but the token community, which claims to have 220,000 members, is aiming to create a metaverse, NFTs, and also to donate to charity. Finally, a relatively unknown dog coin called the Elondoge Token (EDOGE) has risen in double digits this week, up 28%.
It’s hard to say what the meme-based token economy will do from here, but it seems that these coins are falling victim to the general market sentiment, no matter how colorful they are.
What do you think of the recent market performance of Dogecoin and the other meme-based crypto assets? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Dogecoin / usd TradingView Chart, Coingecko,
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