Dogecoin has declined by more than 6% in the past 24 hours, something that has resulted in it dropping below Polygon (MATIC) on the market cap list.
Dogecoin Plunges 6% In The Last 24 Hours
Just like the wider cryptocurrency market, DOGE had started the year 2023 well, with the meme coin’s price enjoying an uptrend. In the past week, however, the asset seems to have completely reversed the trend as it has been observing a hard downward trajectory instead.
At the time of writing, Dogecoin is trading around $0.0821, down 6% in the last 24 hours.
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As you can see in the above graph, Dogecoin had been seeing a gradual decline for most of the past week, but in the last day or so, the drawdown has been even more severe.
Overall, in the last seven days, DOGE has dropped in value by around 10%. As a result of this plunge, the monthly gains of the asset now stand at only 5%, suggesting that the decline has erased a significant amount of the profits that the cryptocurrency had earlier accumulated.
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?In terms of the year-to-date returns, though, Dogecoin is still in decent profits of about 17%. However, these gains pale in comparison to some of the other assets in the sector, like Bitcoin, which is up by more than 32% in the same period, or Shiba Inu, which has beaten DOGE even worse with its 53% profits.
Just yesterday, Dogecoin was the most traded token among the 100 largest BNB Smart Chain (BSC) whales, according to data from the crypto whale tracker service WhaleStatsBSC:
