DogeCoin’s Price Declines Despite Increasing Holder Base

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More and more people are owning Dogecoin (DOGE) since the beginning of 2023. However, the price couldn’t stay above the important $0.07 mark due to the recent negative market conditions

According to Blockchair data, the number of DOGE addresses has exceeded 5 million and currently stands at 5,049,227 holders. The number of transactions on the Dogecoin network is also approaching 135 million. In the past 24 hours, there have been an average of 22.61 transactions per second, totaling over 1.9 million trades.

Despite the significant growth in the network, the price of DOGE has been declining ever since the US Securities and Exchange Commission (SEC) initiated legal action against Binance and Coinbase.

In the past 24 hours, Dogecoin has experienced a nearly 1% decrease and is currently being traded at $0.067. The trading volume for Dogecoin in the same period has also dropped by 45%, amounting to approximately $261 million.

DOGE price – June 8 | Source: Trading View

Even though DOGE’s price has declined, it remains as the eighth-largest cryptocurrency, with a market cap exceeding $9.4 billion at the moment.

CoinMarketCap (CMC) data reveals that the recent decrease in DOGE’s price coincides with a decline in the overall global cryptocurrency market. In the past 24 hours, the market cap has dropped by approximately $35 billion, decreasing from $1.135 trillion to $1.1 trillion.

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On May 31, some Dogecoin investors accused Elon Musk, the billionaire CEO of Twitter, of intentionally manipulating the price of the cryptocurrency. These DOGE holders claimed that Musk attempted to benefit financially while causing losses for smaller investors.

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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