The value of the Dogecoin cryptocurrency has almost halved

Like most cryptocurrencies on the market, Dogecoin (DOGE) has dropped significantly in price, hitting last year’s levels — the sharpest drop in value since Elon Musk’s first statements about the cryptocurrency meme.

According to Coin Market Cap, Dogecoin is currently trading for $ 0.05, and its total market value at the time of writing is $ 7 billion.

The contribution of Elon Musk (Musk has repeatedly emphasized his love for this cryptocurrency) helped to create a loyal base of Dogecoin fans who wanted to «lock in» the rate to $ 1 per coin. After that, the token reached an all-time high in May 2021 amid bullish market growth of almost $ 0.7.

The owner of Tesla caused a wave of popularity for DOGE this year as well. The Twitter quarrel between Musk and Jackson Palmer (co-founder of Dogecoin) increased the audience’s interest in the DOGE cryptocurrency.

Given the sharp decline in the value of cryptocurrencies on the market, it is difficult to predict what the price of Dogecoin will be even tomorrow. It seems that even Elon Musk will not help here.