Dogecoin price remained in a bear market after falling by over 55% from its highest level this year.
Dogecoin (DOGE), the biggest meme coin in crypto, was trading at the important support level of $0.10 on Aug. 20, just above the lowest level this month.
This performance has occurred as the meme coin industry undergoes significant changes. Demand for traditional coins like DOGE and Shiba Inu (SHIB) has fallen as traders have focused on new and viral tokens like Dogwifhat (WIF) and Pepe (PEPE).
Data shows that Dogecoin, with a market cap of over $14.7 billion, had a 24-hour trading volume of $741 million. In contrast, Pepe, with a valuation of $3.2 billion, had a volume of over $1 billion.
Dogecoin’s demand has also declined in the futures market, where its open interest of almost $500 million is much lower than the year-to-date high of $2.2 billion.
Still, on the positive side, DOGE’s hash rate has continued rising and was at a record high of 1.2580 PH/s, up from January’s 818 TH/s. The mining difficulty has also jumped to an all-time high of 23.12 million.
DOGE price has formed a falling wedge
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Author: Crispus Nyaga
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