Volatility permeates the crypto market. Just when many thought the market was on the road to recovery, a subtle setback followed. While most of the assets in the market fell slightly, DOGE saw a sharp fall.
MEME crypto asset Dogecoin recently celebrated its ninth anniversary. With Musk's blessing, the development of cryptocurrencies has been very smooth. You want to buy pancat cryptocurrency? In the last 24 hours, however, DOGE is down more than 9 percent. That further pushed its weekly loss to 16.11 percent. The asset plunged from a high of $0.09695 to a low of $0.08729.
DOGE was trading at $0.08913 at the time of publication, down 7.98% daily. With the number of DOGE holders hitting a three-month high, the plunge has been a boon to many. The total number of unique addresses holding assets was 4,489,126.
With the price of Dogecoin plummeting, the volume of trading in the asset is moving in a different direction. 24-hour trading volume in Elon Musk's favorite cryptocurrency was $708,067,790 after a 239.58% rally.
Liquidate 2.85 million Dogecoin
Liquidation has taken over. While it's no surprise to see Bitcoin [BTC] and Ethereum [ETH] on the list, Dogecoin became the third most cleared asset in the last 24 hours. DOGE Network liquidated a total of $6.38 million during the day, it was revealed.
Amid the chaos, markets have struggled to get back on their feet. Emoji coins, including Dogecoin and Shiba Inu, have lost most of their gains over the past 24 hours. Let's look at what's driving these price drops.
Dogecoin and Shiba inu prices fell on Monday.
The beginning of the week may not have been a good start for MEME coins and the cryptocurrency market in general.
The consumer price index is also due Tuesday. CPI data will also play a role in setting the market's direction. Countries around the world have also been doing their best to tackle inflation and stave off a possible recession. Once the CPI data comes out, the cryptocurrency market will definitely react. Only in this way can a proper analysis of the direction of the market be made.