Here’s why Dogecoin has been dropping by 9%

Sahana Kiran
Source – Unsplash

Volatility was written all over the crypto market. Just when the community believed that the market is heading towards recovery, a dainty setback follows suit. While most assets in the market were encountering mild drops, Dogecoin [DOGE] recorded a massive plummet.

The OG meme crypto asset, Dogecoin recently celebrated its nine-year anniversary. With an endorsement from Elon Musk, things were going pretty smoothly for the cryptocurrency. However, over the last 24 hours DOGE dropped by over 9 percent. This further pushed its weekly losses to 16.11 percent. The asset plummeted from a high of $0.09695 all the way to a low of $0.08729.


At press time, DOGE was trading for $0.08913 with a 7.98 percent daily drop. This plummet came as a boon to many as the holder count of DOGE hit a three-month high. The total number of unique addresses that hold the asset was 4,489,126.

With Dogecoin’s price recording a major slump, the trading volume of the asset was moving in a different direction. The 24-hour trading volume of Elon Musk’s favorite crypto was at $708,067,790 following a 239.58 percent rise.

2.85 million Dogecoin liquidated

Liquidations took the front stage. While it isn’t surprising to see Bitcoin [BTC] and Ethereum [ETH] on the list, Dogecoin stood as the third-most liquidated asset over the last 24 hours. It was brought to light that there was a total of $6.38 million liquidated in the DOGE network throughout the day.


It should be noted that a whopping $4.09 million was liquidated over the past 12 hours alone. Binance accounted for most of these liquidations.

In addition to its price, the market cap of Dogecoin also shrunk. A massive $1 billion was wiped off the meme crypto asset’s market cap. At press time, DOGE’s market cap was at $11,808,295,730 and recorded an 8.11 percent drop. Despite this, the asset continued to reside as the eighth-largest crypto asset.