Dogecoin Price Falls Today, Overtaken by a New Meme Coin?

Bittime - Dogecoin (DOGE) became one of the assets hit hardest in the crypto market correction. Unlike newcomer meme coins which have actually experienced an increase, the price of Dogecoin today continues to decline.

Early last week, crypto assets showed optimism. However, in the middle of the week, trading volume fell again.

As a result, the overall market capitalization of meme coins fell to $50.4 billion (around Rp. 826.6 trillion) from $70 billion (around Rp. 1,149 trillion) at the peak of the increase. Uniquely, at the same time, DOGE actually fell 3.4%.

As the leading meme coin, DOGE's performance greatly influences the market. Typically, DOGE trading volume reflects market sentiment and future trends.

DOGE Price Falls Amid Market Uncertainty

DOGE experiences consecutive weekly declines. As a result, its market capitalization shrank to $17.9 billion (around IDR 293 billion). Currently, DOGE is trading at around $0.1219 (around IDR 2 thousand), far below the expected support level.

What's worse, DOGE's bullish activity (increase) during this correction is very minimal. In fact, DOGE supporters previously predicted that the price could reach $1 (around Rp. 16,400) along with the increase in Bitcoin and other crypto assets. However, this hope now looks lost.

DOGE's daily trading volume also reflects negative market sentiment. Trading figures fell 38% to $531 million (around IDR 8.7 billion). Similar declines also occurred in many other crypto assets. Throughout this month alone, DOGE has experienced an outflow (withdrawal of funds) of 26%, which has further depressed its price.

Newcomer Meme Coin Takes Off

Uniquely, when DOGE slumped, the newcomer meme coin actually showed an increase. Zyncoin and Mongcoin surged 44.2% and 40.1% respectively in the last 24 hours.

Wider Losses in Crypto Markets

Not only DOGE, other well-known crypto assets also experienced losses due to liquidation. Bitcoin (BTC) is currently trading at $60,774 (around IDR 997 million), down 0.9% in the last 24 hours.

Ethereum (ETH), the leading altcoin, fell 0.55% to $3,379 (around IDR 55.4 million). Meanwhile, BNB, Solana, and Ripple fell 0.67%, 0.89%, and 1.30% respectively.

Even so, crypto players are still optimistic that there will be a change in direction in the future, supported by positive macro factors.

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Learn How to Buy Crypto on Bittime.

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.