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 Loses Significant Value
Dogecoin fans have seen the value of the largest meme coin asset drop week after week. Despite still being one of the top ten cryptocurrencies, dogecoin (DOGE) has lost significant value since the asset’s all-time high on May 8, 2021. Over a year ago today , DOGE traded hands for $0.739 per unit and today on the 24- Hourly price range for DOGE is between $0.064 and $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 a 91% drop from the all-time high is quite significant, DOGE is still up 75,260% since the asset’s all-time low on May 6, 2015. At that time seven years ago today DOGE was trading at $0.00008690 per unit today. Dogecoin’s recent market performance hasn’t been so bullish, as 12-month stats show DOGE 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 fell over 76% last year. Out of 15 different mineable crypto assets, DOGE is the 11th most profitable on the list. DOGE miners reached an all-time high in hashrate on April 23, 2022, at a block height of 4,196,514 when it hit 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 some tough times over the past decade and it will no doubt outlive some of the new meme coin assets that have been created over the past 12 months. The only other meme coin that comes close to DOGE is the shiba inu (SHIB) with its market valuation of $5.15 billion.
