- DOGE’s market cap fell to $20.5 billion.
It has lost over 7% in the last seven days.
As a crypto investor with some experience under my belt, I’m concerned about Dogecoin’s [DOGE] recent market performance. The market cap falling to $20.5 billion and its over 7% decline in the last seven days are not encouraging signs.
As a market analyst, I’ve observed that memcoins, including Dogecoin (DOGE), have been impacted by the current market downturn. Despite a slight uptick in trading volume for DOGE, my analysis reveals that sellers have held the upper hand.
Dogecoin sees significant declines
As a crypto investor closely monitoring Dogecoin’s price movements, I noticed from AMBCrypto’s daily chart analysis that DOGE had started to slide even before the broader market experienced its downturn.
The chart indicated that DOGE’s decline started around the 7th of June, dropping over 7%. This decline took its price from around $0.16 to $0.148.
By the close of business on the 10th of June, DOGE‘s value had dropped about 1.4% to roughly $0.144.
As of this writing, it was trading at around $0.141, following an additional decline of over 2%.
As an analyst, I observed that the significant drop of over 7% on the 7th of June caused the price to fall beneath my short-term moving average (represented by the yellow line) and dipped it below the neutral threshold on the Relative Strength Index (RSI). This finding suggests a bearish trend in the market.
From my perspective as a Dogecoin investor, the price action has been hovering beneath the yellow resistance line at around $0.15. This line has acted as a barrier to any significant upward movement in recent times. Furthermore, the Relative Strength Index (RSI) was sitting below the 40 mark, which is typically considered oversold territory. These indicators suggest that the market sentiment towards Dogecoin remains bearish at this moment.
The price decline has also negatively impacted its market capitalization.
Dogecoin’s market cap declines
I recently noticed that Dogecoin’s market capitalization, as reported by AMBCrypto, has seen a substantial decrease over the last few days.
As an analyst, I’ve observed that prior to its nearly 8% price drop, Dogecoin (DOGE) boasted a market capitalization exceeding $23 billion according to CoinMarketCap data. Following this decline, however, the market cap shrank down to roughly $21 billion.
In the last trading day, the memecoin’s market value remained approximately $20.9 billion. But due to a recent downturn, the market value now hovers around $20.5 billion.
In spite of a decrease in size, it continued to be the largest meme coin. Furthermore, there was a notable surge in trading activity within the past 24 hours.
Sellers dominate market
As an analyst, I’ve observed a significant surge in Dogecoin’s trading activity within the past 24 hours. According to the data, its trading volume has spiked more than 38%. At the current moment, Santiment’s analysis reveals a substantial volume of over $940 million for this cryptocurrency.
Read Dogecoin’s [DOGE] Price Prediction 2024-25
However, this increase is not a positive signal, given the direction of the price.
Based on the volume trend, it appears that there are more sellers in the market than buyers. Consequently, the price decrease despite an uptick in trading activity.
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2024-06-12 07:03