DOGE’s Value Drops Over 12% After Briefly Surging

22.08.2022 10:00
by Maksym Prykhodko
1 min read

After surging last week, Dogecoin’s value has dropped by 12.4% over the past seven days.

The initial increase in value happened due to the Dogecoin name’s resemblance to Dogechain. This is a Polygon platform, that enables developers to create applications on Dogecoin in a similar fashion as when working on Ethereum.

However, as soon as it was revealed that Dogechain was not actually affiliated with Dogecoin, the meme-coin’s price quickly dropped. According to CoinMarketCap, it is currently trading at $0.06. During the past 24 hours, more than $1.5 million worth of DOGE trades has been liquidated.

DOGE fans, including Elon Musk, will have to keep waiting for their favorite coin’s rehabilitation.

Author

  • Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg.

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