Doge drops from top 10, trades below 20 cents

Doge drops from top 10, trades below 20 cents

Concerns over the Omicron variant of Covid-19 saw the price of the crypto asset, Dogecoin, drop for the week to below 20 cents.

As of the early hours of Monday, the price of Dogecoin was $0.17 with a daily trading volume of $1.6 billion and down 1.51% for the day, valued at $22.6 billion.

Dogecoin has a circulating supply of 132,399,926,783 coins and the maximum supply is not available.

The meme coin is down for the week by more than 15%. In terms of market value, the crypto asset is now ranked 11th after losing its place to Terra.

Dogecoin is designed to be a light-hearted, fun cryptocurrency that would appeal to a broader audience than Bitcoin. it is based on a dog meme.

The crypto asset got a lot of its support through social media, relying mostly on memes involving the Shiba Inu dog.

Its inflationary properties have long been questioned, given that it is printed every minute of every day, creating a potentially endless supply. The unlimited supply of the crypto asset will, over time, negatively affect its price.

According to the CEO of global payment company Ripple, Garlinghouse, inflation has been driving up the crypto market recently, but he’s not sold on every coin.

“I’m not so sure dogecoin is good for the crypto market, somewhat controversially I guess,” he said at the recently held Fintech Abu Dhabi event.

 

Author: Greg