The Dogecoin (DOGE) cryptocurrency fell to $0.26. According to CoinGecko, in the last 24 hours the token lost 36% of its value. According to the DOGE/USDT chart on the Binance exchange, in the last 24 hours the price fell by 42%.
The digital asset ranks eighth by market capitalisation at $34.3 billion, according to CoinGecko. According to CoinMarketCap, Dogecoin’s total market value exceeds $39.8 billion.
In April, DOGE hit an all-time high above the $0.14 mark. The digital asset rose more than 90% in a single day.
On the night of April 16, the token approached the record level of $0.40. Dogecoin reached a market capitalization of $47 billion and ranked fifth in the overall CoinMarketCap ranking, overtaking Polkadot, Cardano and Tether on this metric.
In March, Elon Musk wrote that he is buying a Shiba Inu. The businessman did not specify what he meant: whether it concerns a puppy of that breed or the Dogecoin cryptocurrency featuring the meme dog.
In April 2019, Tesla’s chief named Dogecoin his favourite coin. In July 2020 and February 2021, Musk pumped the token price by 17% and 50%, respectively.
Earlier, Dogecoin was backed by American rapper Snoop Dogg, musician and bass guitarist of the rock group KISS Gene Simmons and porn star Mia Khalifa.
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