DOGE Market Cap Drops Over $6 Billion as Price Lost 30% in May

    DOGE was one of the hardest-hit cryptos during the market crash in May, pushing a massive drop in its capitalization.

    However, DOGE is still the largest meme coin in terms of market cap in June 2022. As in the report, at the end of May, DOGE’s capitalization plunged to $11,39 billion, down 35% from the opening day’s market value.  

    On May 1, DOGE got an impressive trading volume of $991.71 million, equivalent to nearly $17.62 billion in market capitalization.

    Dogecoin Historical Data (Source: CoinMarketCap)

    Reasons for DOGE’s market cap decrease

    DOGE’s capitalization is affected by the overall downtrend of the crypto market. Besides, rising interest rates, inflation, and high demand for less volatile assets like metals are other typical factors forcing holders to sell off this altcoin.

    The number of large Dogecoin transactions reached a high of 2,400 at a price of $0.07 on May 12. 

    DOGE Number of Large Transactions Chart (Source: Into the Block)

    Accordingly, a large transaction volume reached approximately $2.09 billion. 

    DOGE Number of Large Transaction Volume Chart (Source: Into the Block)

    On May 12, DOGE opened at $0.08464 and fell to the intraday low at $0.07004. The trading volume recorded was around $2.63 billion and corresponded to a market capitalization in the region of $10.97 billion. As such, the market value of this meme-coin is down 37% since May 1.

    The decline in price caused DOGE to retest less than 10 cents per coin, there were no attempts of a recovery that could bounce its market value to the region of May 1.

    DOGE price reaction

    DOGE opened on May 1 at $0.1276, reached a monthly high of $0.1373 on May 5, tested a monthly low at $0.07004 on May 12, and ended the month of May with a transaction price of $0.08586. Overall, the DOGE price fell 30% between the opening and closing prices in May.

    DOGE/USD Chart (Source: TradingView)

    (Reference: Beincrypto)

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