The latest price of Dogecoin at 01:00 on October 4, 2024

(24-hour Dogecoin price trend)

Dogecoin: Current Value and Market Performance

As of October 4, 2024, 01:00 AM UTC, Dogecoin (DOGE) is trading at $0.10390734670705. The 24-hour trading volume for DOGE stands at $941,177,839.43975. In the past 24 hours, Dogecoin's price has decreased by 2.03457649%.

Key Metrics

• Circulating Supply: 146,215,246,383.71 DOGE
• Maximum Supply: N/A
• Total Supply: 146,215,246,383.71 DOGE
• Market Cap: $15,192,838,299.848

Market Outlook

Dogecoin's recent price fluctuations are indicative of the broader volatility in the cryptocurrency market. Analysts attribute the decline in DOGE's price to a combination of factors, including:

• Macroeconomic Conditions: Global economic uncertainty and rising interest rates have impacted the overall demand for cryptocurrencies.
• Competition: The rise of alternative cryptocurrencies, such as Shiba Inu and Floki Inu, has increased competition in the meme coin space.
• Whale Activity: Large-scale cryptocurrency traders (known as whales) have been moving significant amounts of DOGE, affecting its market liquidity.

Despite these challenges, Dogecoin remains a popular cryptocurrency among retail investors due to its low price and accessibility. Its association with Elon Musk and the broader cryptocurrency community continues to drive investor interest.

Conclusion

Dogecoin's price performance in the short term is highly unpredictable, as it is influenced by a mix of fundamental and market-driven factors. However, its long-term potential remains uncertain as the wider cryptocurrency landscape evolves and competition intensifies. Investors are advised to conduct thorough research and exercise caution before investing in any cryptocurrency.