Dogecoin was one of the cryptocurrencies that took a heavy blow from the market crisis in March, which resulted in a massive drop in its market capitalization.
According to Coingecko’s Friday chart, Dogecoin (DOGE) is trading at $0.079378, down 4.1% from last week. Its most recent price action resulted in a market cap of $10,637,807,407 USD.
The popular cryptocurrency inspired by the meme ended the month of May with a market cap of around $11.4 billion.
Dogecoin Market Cap Down 35%
Dogecoin’s market capitalization decreased from May 9 to May 13 as a result of a general bearish market, which intensified during this period. Rising interest rates, inflation, and a preference for less volatile assets such as metals were among the economic variables that led to DOGE’s big selloff.
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Meanwhile, Dogecoin has received attention recently as a result of a possible purchase of Twitter by Elon Musk.
Reportedly, the social media platform is providing the billionaire with data that covers more than 500 million tweets posted each day, potentially setting off a controversy over the Tesla CEO.
After Musk first said that he would spend $43 billion to buy Twitter, the market value of Dogecoin went up by about $1 billion, from $18.45 billion to $19.35 billion in 10 days (Financial Times).
This week, Musk cast further doubts over whether he would complete a $44 billion deal to acquire the social network.
Dogecoin’s closing market cap in May was 35 percent lower than the market cap on the opening day of the month. DOGE saw strong trading volume of $991 million, which corresponded to a market cap of approximately $17 billion.
About two weeks later, DOGE started at $0.08464 and closed at $0.07004. Memecoin had a trading volume of approximately $2.63 billion, roughly equivalent to a market capitalization of $10.97 billion. The market value of DOGE has dropped 37 percent since May 1.
DOGE total market cap at $10.5 billion on the weekend chart | Source: TradingView.com
Musk’s Twitter Reveal Raises DOGE Market Cap
Dogecoin’s market valuation grew from nearly $1 billion to $18.45 billion to $19.35 billion in 10 days, following initial disclosure by Musk of its $43 billion Twitter acquisition.
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Since then, however, the price of DOGE has rallied along with the broader cryptocurrency market, especially as bitcoin fell below $35,000, pulling the bulk of the altcoin down with it.
Dogecoin started at $0.1276 in May, reached a monthly high of $0.1373 four days later, reached a monthly low of $0.07004 on May 12th, and ended the month at $0.08586.
Featured image from The Motley Fool, chart from TradingView.com
