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Dogecoin Market Cap Plunged More Than $6 Billion in May

Dogecoin was amongst the hardest struck cryptocurrencies throughout the marketplace crash of May which resulted in a huge drop in the marketplace capitalization of the popular meme-inspired coin.

Dogecoin stays the biggest meme-inspired digital currency by market capitalization in June2022 According to Be[In] Crypto research study, DOGE closed the 5th month of the year with a market capitalization of around $1139 billion.

This was a 35% decrease from the opening day’s market price. On May 1, DOGE saw an excellent trading volume of $99171 million which represented a market capitalization of around $1762 billion.

Source: Dogecoin Historical Data by CoinMarketCap

Why the reducing market capitalization?

A general bearish market which was deepened in the week of May 9 to 13 resulted in the sinking market capitalization of Dogecoin To name a few, financial elements that caused the sell-off of DOGE by its holders were increasing rate of interest, inflation, and the patronage of less unstable properties such as metals.

The variety of big Dogecoin deals reached a high of 2,400 at a rate of $0.07 on May12

Source: DOGE Number of Large Transactions Chart by Into the Block

This referred a big deal volume of roughly $2.09 billion.

Source: DOGE Large Transaction Volume Chart by Into the Block

On May 12, DOGE opened at $0.08464 and reached an intraday low of $0.07004 Trading volume was around $2.63 billion and represented a market capitalization in the area of $1097 billion. This was a 37% dip in DOGE’s market price from May 1.

Due to the drop in rate that saw DOGE retest less than 10 cents per coin, there were no efforts of a healing that might have taken its market price to the area of May 1.

DOGE rate response

Dogecoin opened on May 1, at $0.1276, reached a month-to-month high of $0.1373 on May 5, checked a monthly low of $0.07004 on May 12, and ended the month at a trading rate of $0.08586

Overall, this relates to a 30% reduction in between the opening and closing costs of DOGE in May.

Source: DOGE/USD Chart by TradingView

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