Dogecoin, the seventh most valuable crypto suffered one of its biggest decline in many days, amid record sell-offs at the cryptoverse with Bitcoin breaking below $33,000.
At the time of writing this report, the meme coin traded at $0.2034 on the FTX exchange with a daily trading volume of $7.4 billion and is down 22.39% for the day.
The crypto currently has a market value of about $26.5 billion with over 130,129,604,530 DOGE coins in circulation.
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The leading altcoin is experiencing an unusual amount of selling pressures after China announced another crackdown on cryptocurrency trading. The Chinese apex bank issued a stern order on Chinese-based banks and payment providers, urging them to crack down harder on crypto trading.
Executives from the Industrial and Commercial Bank of China Ltd, the world’s biggest bank by revenue and Alipay, a leading payment provider, were reminded of rules that sanction Chinese financial brands from engaging in crypto-related transactions, according to a statement from the Chinese central bank on Monday.
Consequently, the crackdown on crypto by the world’s second-largest economy became so ugly that Crypto-linked social media accounts and exchange portals have also been blocked.
READ: Billions of dollars evaporate in the crypto market on strong U.S dollar
In addition, Elon Musk’s unusual silence on the meme coin has also not helped the crypto asset, amid the plethora of bad news ongoing in the Crypto market.
That being said, long-term investors of this asset are still in a huge profit, taking to account that the meme asset started the year valued at less than a cent and has since risen in value riding on the support of powerful and influential billionaires like Mark Cuban and Elon Musk.
The popular meme coin is a type of virtual currency that is decentralized and allows peer-to-peer digital transactions. This means you can send money online with much ease. It is usually referred to as “the internet currency.”
It is different from BTC’s proof-of-work protocol in many ways, one of which is the Scrypt technology. The fast-growing altcoin also has a block period of 1 minute, and the total supply is unlimited, meaning that there is no limit to the amount of Dogecoin that can be mined.
