The latest price of Dogecoin at 18:00 on November 1, 2024

(24-hour Dogecoin price trend)

Dogecoin Price Analysis and Market Update

At 6:00 PM PST on November 1, 2024, Dogecoin (DOGE) is priced at $0.15808686506051, with a 24-hour trading volume of $2,382,314,145.2515. The price of DOGE has fluctuated wildly in the past year, but its recent downturn indicates a potential decline.

24-Hour Price Change

Over the past 24 hours, the price of Dogecoin has witnessed a sharp correction, dropping by -7.81171092%. This significant decrease suggests that investors are shedding their DOGE holdings due to market uncertainty or profit-taking.

Circulating Supply and Market Capitalization

As of November 1, 2024, the circulating supply of DOGE stands at 146,608,026,383.71. The maximum supply of DOGE is uncapped, and the total supply is 146,608,026,383.71. The circulating market capitalization of DOGE is currently $23,176,803,283.708.

Key Factors Influencing Dogecoin's Price

Several factors are contributing to the recent price volatility of Dogecoin, including:

• Economic Uncertainty: The global economic outlook remains uncertain, with inflation concerns and geopolitical tensions weighing on investor sentiment. This has impacted the valuation of digital assets, including Dogecoin.
• Elon Musk Factor: Tesla CEO Elon Musk continues to influence the price of Dogecoin through his tweets and announcements. Musk's support for DOGE has sparked speculation and hype, but it can also lead to sharp price fluctuations.
• Competition: The cryptocurrency market is highly competitive, with numerous altcoins vying for market share. Dogecoin faces competition from established coins like Bitcoin and Ethereum, as well as emerging projects offering more advanced features.
• Regulation: Government regulation of cryptocurrencies is still evolving, and regulatory uncertainty can impact investor confidence and the price of DOGE.

Disclaimer

The information provided in this analysis is for informational purposes only and should not be considered investment advice. The cryptocurrency market is highly volatile, and investors should conduct their research and consult with financial professionals before making any investment decisions.