Dogecoin, the widely known crypto asset, saw its price fall for the week amid growing concerns about Omicron, and continued sell-offs in risky financial assets, pushing the cryptocurrency below 20 cents.
The price of Dogecoin today is $0.17 with a daily trading volume of $1.6 billion. As of the early hours of Monday, Dogecoin is down 1.51% for the day, valued at $22.6 billion.
It has a circulating supply of 132,399,926,783 DOGE coins and the max. supply is not available. For the week the meme coin is down more than 15%. In terms of market value, the crypto asset is now ranked 11th after losing its place to Terra.
A Shiba Inu appears on the logo of Dogecoin (DOGE), an Internet meme based on the popular “doge” Internet meme. In December 2013, Billy Markus and Jackson Palmer from Portland, Oregon, forked Litecoin into the open-source digital currency.
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Based on a dog meme, Dogecoin was intended to be a light-hearted, fun cryptocurrency that would appeal to a broader audience than Bitcoin. Elon Musk has said several times on social media that Dogecoin is his favourite cryptocurrency.
Dogecoin’s inflationary properties have long been questioned, given that it is printed every minute of every day, creating a potentially endless supply. The unlimited supply of the crypto asset will, over time, negatively affect its price.
Read: Dogecoin breaks below 20 cents, as co-founder slams crypto industry
Garlinghouse, the CEO of global payment company Ripple, says inflation has been driving up the crypto market recently, but he’s not sold on every coin.
Garlinghouse said at the Fintech Abu Dhabi event recently, “I’m not so sure dogecoin is good for the crypto market, somewhat controversially I guess.”
Dogecoin is a crypto asset that earned a lot of its support through social media, relying mostly on memes involving the Shiba Inu dog (a spin-off crypto called Shiba Inu coin is based on this dog).
