In May, the market capitalization of Dogecoin dropped by more than $6 billion.
In May, the market capitalization of Dogecoin dropped
Dogecoin was one of the hardest affected cryptocurrencies during the May market meltdown, which resulted in a significant decline in the popular meme-inspired coin's market capitalisation.
In June 2022, Dogecoin was still the most valuable meme-inspired digital currency by market capitalization. DOGE had a market value of roughly $11.38 billion at the end of the fifth month of the year, according to Be[In]Crypto study.
This was a 35% drop from the market value on the first day. DOGE had an exceptional trading volume of $991.8 million on May 1, corresponding to a market capitalisation of $17.63 billion.
Why is the market capitalization decreasing?
Dogecoin's market value has been declining due to an overall unfavourable market that deepened in the week of May 9 to 13. Rising interest rates, inflation, and the preference for less volatile assets such as metals were among the economic variables that prompted DOGE holders to sell their holdings.
On May 12, the number of major Dogecoin transactions peaked at 2,400 at a price of $0.07. This corresponds to a significant transaction volume of $2.09 billion.
DOGE price movement
Dogecoin started the month at $0.1256, hit a monthly top of $0.1373 on May 5, touched a monthly low of $0.07003 on May 12, and finished the month at $0.08556.
Overall, the difference between the opening and closing prices of DOGE in May was 30 percent.
