Meme Token King Dogecoin Lost 91% in Value Since Last Year’s High, DOGE Mining Revenue Plummets

Meme Token King Dogecoin Lost 91% in Value Since Last Year’s High, DOGE Mining Revenue Plummets

After a outstanding rise final yr, 2022 has not been too form to the highest meme coin asset dogecoin. Currently, the daddy of the meme coin financial system, dogecoin, has misplaced 91% in worth for the reason that crypto asset’s all-time excessive. Despite the drop, dogecoin continues to be a high ten contender among the many largest crypto market valuations right this moment.

The Dogecoin Dog Days — Meme Token King Sheds Significant Value

Dogecoin followers have been watching the most important meme coin asset plummet in worth week after week. While it’s nonetheless a high ten cryptocurrency, dogecoin (DOGE) has misplaced numerous worth for the reason that asset’s all-time excessive on May 8, 2021. Over a yr in the past right this moment, DOGE exchanged arms for $0.739 per unit and right this moment the 24-hour worth vary for DOGE has been between $0.064 to $0.072 per coin.

On Sunday, June 12, 2022, there’s $567 million in worldwide DOGE commerce quantity in the course of the previous 24 hours. Dogecoin’s market valuation right this moment is $8.68 billion which equates to 0.755% of the $1.15 trillion crypto financial system. While being the tenth largest market cap, DOGE is beneath solana (SOL) and simply above polkadot (DOT) when it comes to market positions.

While 91% down from the all-time excessive is fairly important, DOGE continues to be up a whopping 75,260% for the reason that asset’s all-time low on May 6, 2015. At that point, seven years in the past right this moment, DOGE was buying and selling for $0.00008690 per unit. Dogecoin’s current market efficiency has not been so optimistic as 12-month stats present DOGE is down 79.3%.

DOGE misplaced 21% in 30 days, and 19.9% of that proportion was eliminated in the course of the previous two weeks. Today, all the meme-coin financial system is valued at $14.4 billion and DOGE equates to 60.27% of that worth. The relaxation is occupied by shiba inu (SHIB) and the myriad of meme coin cryptos that have been born in the course of the previous yr.

Additionally, DOGE mining income misplaced greater than 76% final yr. Out of 15 totally different mineable crypto property, DOGE is the eleventh most worthwhile on the checklist. DOGE miners reached a hashrate all-time excessive on April 23, 2022, at block top 4,196,514 when it reached 1.34 petahash per second (PH/s).

Today, the DOGE hashrate is coasting alongside at 362.97 terahash per second (TH/s), which is a 72.91% drop from the 1.34 PH/s excessive. Both DOGE mining income and the general hashrate plummeted a fantastic deal in the course of the previous two months. While DOGE has been down in worth a fantastic deal, it’s not the meme coin’s first bear market.

DOGE has been by way of troublesome occasions during the last decade and it’ll arguably survive longer than among the newer meme coin property that have been created over the past 12 months. The solely different meme coin that comes near DOGE is shiba inu (SHIB) with its $5.15 billion market valuation.

What do you concentrate on DOGE falling in worth over the past yr and the hashrate dropping since April? Let us know what you concentrate on this topic within the feedback part beneath.

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