The latest price of Dogecoin at 15:00 on October 8, 2024

(24-hour Dogecoin price trend)

Dogecoin Price Watch: Plunging by 5.64% to $0.107891

As of October 8, 2024, 3:00 PM UTC, Dogecoin (DOGE) is trading at $0.10789102225448. This represents a significant decrease of 5.64350906% in the past 24 hours.

Trading Volume and Market Activity

In the last 24 hours, DOGE has seen a trading volume of $814,980,587.28645. This indicates moderate activity in the Dogecoin market.

Supply and Market Cap

Dogecoin's circulating supply currently stands at 146,277,416,383.71 with no maximum supply. The total supply is also 146,277,416,383.71. As a result, the circulating market cap for DOGE is $15,782,019,986.382.

Comparison to Other Cryptocurrencies

It's important to note that the performance of Dogecoin is influenced by overall market trends and factors affecting the entire cryptocurrency space. Comparing it to other cryptocurrencies can provide context for its recent decline:

• Bitcoin (BTC): While the overall cryptocurrency market has experienced a downturn, Bitcoin has remained relatively stable and has not seen such a significant decrease as DOGE.
• Ethereum (ETH): Ethereum has also not seen the same decline as DOGE, suggesting that factors specific to Dogecoin are contributing to its price drop.

Factors Influencing DOGE's Price

Various factors could be contributing to Dogecoin's price decline:

• Lack of Major Developments: There haven't been any significant updates or advancements in the Dogecoin ecosystem recently, which could be leading to a loss of investor interest.
• Competition: Dogecoin faces competition from other meme coins and digital assets, which may be drawing away investors.
• Market Volatility: The cryptocurrency market is inherently volatile, which means prices can fluctuate based on various factors, including speculation and market sentiment.

Conclusion

Dogecoin has experienced a steep decline in price over the past 24 hours. While multiple factors could be influencing this, the lack of major developments, competition, and market volatility are likely playing a significant role. Investors should exercise caution and monitor market conditions before making any trading decisions.