At least Dogecoin got its long-awaited surge in trading volume. But for dogecoin holders, this was not the kind they were looking for.
Dogecoin (DOGE) has fallen to its lowest level since early September, hitting 36 satoshi several hours ago. The past week has seen DOGE make more decided moves to the downside, relative to the weeks prior when it was trading flat in the mid 40’s. Its 24h loss of 6.5% sticks out among top-valued coins, which continue to experience low volumes and muted price activity.
September saw DOGE break free from a critical point when it hit 22 satoshi, a low which it has not yet revisited. In dollar terms, today’s DOGE value ($0.00009) is now below last summer lows.
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The recent slump has been accompanied by increased volume, equaling $132,000 during the past 24h- good enough for 4th among all coins. While still a long way from the amounts traded during the glory days or even subsequent months, it is a marked change from the typical range of $40-$60k during the past several weeks.
The latest downturn has brought its market cap down to $9 million, ranking it 9th among all coins.
It may also contribute to troubled sentiment around the coin, which recently was dealt a symbolic blow when its founder, Jackson Palmer, announced his exit from crypto.