The latest price of Dogecoin at 18:00 on August 5, 2024

(24-hour Dogecoin price trend)

Dogecoin Price Slumps, Losing Almost 20% in the Last 24 Hours

August 5, 2024, 6:00 PM

The price of Dogecoin (DOGE) has plummeted by -19.54350897% in the past 24 hours, reaching $0.086202431935559. This sharp decline has shaken investors who had been optimistic about the meme-inspired cryptocurrency's prospects.

According to CoinMarketCap, the 24-hour trading volume for DOGE stands at $2,209,619,135.7266, indicating significant activity despite the price drop. The current circulating supply of Dogecoin is 145,406,716,383.71 DOGE, with no information available on its maximum or total supply.

The market capitalization of Dogecoin has fallen to $12,534,412,572.039, reflecting the decline in price.

DOGE's recent price action has been volatile, following a surge in popularity earlier this year. The cryptocurrency has also benefited from endorsements from high-profile individuals such as Elon Musk, who has repeatedly tweeted about DOGE.

However, the latest drop in price raises concerns about the sustainability of the cryptocurrency's value. Analysts attribute the decline to a combination of market uncertainty and profit-taking by investors.

Despite the current setback, Dogecoin remains a widely known and traded cryptocurrency. Its future performance will depend on factors such as market sentiment, regulatory developments, and the broader adoption of digital assets.