After a prominent rise last year, 2022 has not been too kind to the top meme coin asset dogecoin. Currently, the father of the meme coin economy, dogecoin, has lost 91% in value since the crypto asset’s all-time high. Despite the drop, dogecoin is still a top ten contender among the largest crypto market valuations today.
The Dogecoin Dog Days — Meme Token King Sheds Significant Value
Dogecoin fans have been watching the largest meme coin asset plummet in value week after week. While it is still a top ten cryptocurrency, dogecoin (DOGE) has lost a lot of value since the asset’s all-time high on May 8, 2021. Over a year ago today, DOGE exchanged hands for $0.739 per unit and today the 24-hour price range for DOGE has been between $0.064 to $0.072 per coin.
On Sunday, June 12, 2022, there’s $567 million in worldwide DOGE trade volume during the past 24 hours. Dogecoin’s market valuation today is $8.68 billion which equates to 0.755% of the $1.15 trillion crypto economy. While being the tenth largest market cap, DOGE is below solana (SOL) and just above polkadot (DOT) in terms of market positions.
While 91% down from the all-time high is pretty significant, DOGE is still up a whopping 75,260% since the asset’s all-time low on May 6, 2015. At that time, seven years ago today, DOGE was trading for $0.00008690 per unit. Dogecoin’s recent market performance has not been so optimistic as 12-month stats show DOGE is down 79.3%.
DOGE lost 21% in 30 days, and 19.9% of that percentage was removed during the past two weeks. Today, the entire meme-coin economy is valued at $14.4 billion and DOGE equates to 60.27% of that value. The rest is occupied by shiba inu (SHIB) and the myriad of meme coin cryptos that were born during the past year.
Additionally, DOGE mining revenue lost more than 76% last year. Out of 15 different mineable crypto assets, DOGE is the 11th most profitable on the list. DOGE miners reached a hashrate all-time high on April 23, 2022, at block height 4,196,514 when it reached 1.34 petahash per second (PH/s).
Today, the DOGE hashrate is coasting along at 362.97 terahash per second (TH/s), which is a 72.91% drop from the 1.34 PH/s high. Both DOGE mining revenue and the overall hashrate plummeted a great deal during the past two months. While DOGE has been down in value a great deal, it’s not the meme coin’s first bear market.
DOGE has been through difficult times over the last decade and it will arguably survive longer than some of the newer meme coin assets that were created during the last 12 months. The only other meme coin that comes close to DOGE is shiba inu (SHIB) with its $5.15 billion market valuation.
What do you think about DOGE falling in value during the last year and the hashrate dropping since April? Let us know what you think about this subject in the comments section below.