New news from Dogecoin. With all the recent FUD circulating in the market, as evidenced by Binance’s Reserve auditor, Mazars, suspending services for all of its clients, the cryptocurrency sector has exploded in recent days. Dogecoin, the giant memecoin, is no exception, much to the dismay of its investors.
As of this writing, DOGE is trading around $0.0775, down 10% in the last 24 hours. Here is a chart showing how crypto prices have changed over the past month:
As you can see in the chart above, Dogecoin rallied between late November and early December, breaking above the $0.10 level in the process and giving investors hope that memecoin can continue to run and repay its money by accident due to crypto exchange. Failure of FTX.
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However, in the last few weeks or so, the system has changed and the price of the coin has fallen. The past two days, in particular, have been brutal for DOGE holders. Following this latest drop, the weekly return for the original memecoin sits at 20% in the red. For comparison, Shiba Inu (SHIB) shares are down just 11% during this period. In terms of monthly performance, however, those who invest in Dogecoin are a little bit underwater than those who hold its cousin, as they lose about 10% in comparison SHIB’s 12%.