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Dogecoin dips by 40% in less than 24 hours

Defi

TL;DR Breakdown

  • Dogecoin price dips by 40% to $.033.
  • Investors in the crypto asset were left counting their losses on social media.

Dogecoin has been in the news recently largely due to its recent bull run that culminated in the value of the asset rising to as high as $0.06 and also breaking into the top 10 crypto assets by market cap. However, when the volatility of the crypto market kicked in, the price of the asset dropped by 40% to $.033 which left many investors reeling in pain.

Dogecoin incredible run drops

During the incredible run of the asset, the industry witnessed the entrance of many traders who were new to the market. And with the price of the asset dipping suddenly, many of them were given a harrowing welcome to the crypto world. 

According to The Tie, the run of Dogecoin also resulted in the asset’s social media mention surpassing that of Bitcoin. This is quite notable as no other cryptocurrency has ever surpassed the leading crypto asset in this metric. 

The meme coin rapid growth has also been tied to its mention by Elon Musk and the activities of WallStreetsBets. And with conventional trading platforms like Robinhood restricting traders on its platform, we witnessed the divergence of the funds into the dog meme cryptocurrency.

Investors count their losses

Many investors in the crypto asset have begun counting their losses after the price of the asset dropped. 

One such investor, Mia Khalifa who said she had finally caved to pressure and bought the “dog coin” was quick to lament tweeting that “this is the first time I’ve ever hated a dog.”

Some investors actively streamed the drop of the asset’s value while ruing their losses on the asset. But despite the drop off, Dogecoin has continued to trend on Twitter with the hashtag #DogeToADollar.

Kamsi King

Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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