Dogecoin Crashes Even Further

Dogecoin has been struggling over the past few weeks, and its slide continued on Thursday with the token losing almost 3% in the last 24 hours, losing 2% in the last week, and dropping more than 18% in the last 30 days. For a token that’s lost more than 20% since 2022 began, it’s picked up a bit of value against Bitcoin and Ethereum while also inspiring meme tokens the world over. Even as the global market cap falls, Dogecoin’s impact is felt elsewhere. There are several knockoffs that are popping up every day, and while they typically trade at a fraction of a penny, it is important to remember that these tokens are both innovative and popular. Moreover, Dune Analytics raised $69,420,000 in Series B funding, a direct reference to Dogecoin and Elon Musk—a known Doge bull. Buzz around Dogecoin also continued as Elon Musk replied to a tweet from Mosaic co-author Marc Andreessen, saying, “who controls the memes, controls the universe.” Despite all the chatter, Dogecoin was down more than 5% in early activity, trading at 13.6 cents on a 20% jump in volume but a more than 5% loss of its market cap.