February 6, 2025 at 23:00 Dogecoin latest price

Dogecoin (DOGE) Plunges as Bitcoin Concerns Spark Market Weakness

As of February 6th, 2025, 11:00 PM ET, Dogecoin (DOGE) is trading at $0.24882131374028, a 5.46393474% decline in the past 24 hours. The recent sell-off in the digital asset market, largely driven by concerns surrounding Bitcoin (BTC), has dragged Doge and other altcoins down.

Significant Price Drop

The latest price action marks a significant drop for Doge, which soared to all-time highs of over $0.70 in May of 2021. Since then, it has retraced a substantial portion of its gains, hovering around the $0.25 mark for most of 2024.

Market Cap and Supply

The circulating supply of Doge currently stands at 147,934,746,383.71, with a total supply and maximum supply both unknown. With a circulating market cap of $36,809,317,943.029, Doge remains one of the largest altcoins by market capitalization.

Elon Musk's Continued Involvement

Elon Musk, the CEO of Tesla and SpaceX, has remained a vocal supporter of Doge. Recently, he hinted at the possibility of integrating Doge payments into Twitter, the social media platform he acquired in 2022. However, it remains unclear whether Musk's intentions for Doge extend beyond occasional tweets and public statements.

Outlook for Altcoins

The current market weakness raises concerns about the future of altcoins in general. As Bitcoin continues to fluctuate, altcoins often follow suit due to their correlation. Some analysts are predicting further downturns in the altcoin sector as the market adjusts to evolving macroeconomic conditions and concerns about the sustainability of the cryptocurrency rally.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. It is essential to conduct thorough research and consult with financial professionals before making any investment decisions.