After dropping about 35% of its value in nearly one month, retail interest in the meme-themed coin has fallen significantly. Consequently, its market cap has reduced greatly too. Thus, it has slipped down the rankings order of the top cryptocurrencies in the world. Therefore, SOL, USDC, and DOT’s market caps are higher than DOGE’s.
Coinmarketcap data shows that DOGE has lost about 11% of its value over the past 24 hours. As of this writing, DOGE exchanges hands at about $0.22. Also, it is responsible for about 1.6% of the entire digital asset market cap. DOGE’s price of $0.74, which was set four months ago, remains its peak price. When it set its new peak price, the DOGE leapfrogged XRP in rankings of the top most valuable digital assets.
It was also during that period that its market cap rose past the $95B levels. But DOGE hasn’t matched that feat again despite the crypto market being on another bullish run since last month. Even though DOGE may not set a new peak price this year, it has surged by over 5,000% this year alone.
Dogecoin Mining Profitability Spikes To 6-Year High
A blockarabia.com data shows that DOGE’s mining profitability has surged by over 650% this year – a first for six years. Bitinfocharts data shows that there was a profit of 0.19 USD cents/day for mining one DOGE at the beginning of this year. But as of June, the figure has jumped to 1.63 USD cents/day, and as of last month, it dropped slightly to 1.51 us cents/day.
Despite this drop, DOGE’s mining profitability has increased by over 650% since the beginning of the year. Bitinfocharts analytics also revealed that miners’ transaction fees also peaked this year. The higher the number of users, the higher the transaction fees because the Dogecoin protocol doesn’t have sufficient space to run its blockchain-related activities.
Hence, a rise in transaction fees shows that there are more unprocessed Dogecoin transactions in the queue. Statista data shows that the Dogecoin transaction fee was about 0.19 USD cents/day as of late last year. But it shot up to 1.52 cents/day as of August 2021, which indicates a massive 6,800% rise.
$200B Lost In The Crypto Market
There was a substantial price correction in the entire digital asset market today, and it is estimated that the combined loss of the whole digital assets is over $205B. Dogecoin led the losers’ chart; other top coins such as XRP, ADA, ETH, and BTC also posted significant losses. Senior analyst at the eToro exchange, Simon Peters, opined that “the price correction is normal since the crypto market has been rallying for almost seven days.”
After the flash crash two weeks ago, BTC’s price at the start of the week was $45K. Then, it rose to almost $49K this past week before a new price correction started yesterday. Similarly, Ethereum gained almost 15% between last week Monday and Thursday before embarking on a price correction since that day. It now trades below $3.1K.