(24-hour Dogecoin price trend)

Dogecoin Price Analysis: DOGE Declines by 5.99%

As of 1:00 PM EST on November 17, 2024, the price of Dogecoin (DOGE) stands at $0.35435909767975. This represents a 24-hour trading volume of $830,927,9670.0989.

Over the past 24 hours, the price of Dogecoin has experienced a significant decline of -5.9991299%. This downturn follows a period of volatility in the cryptocurrency market.

Supply and Market Cap

The current circulating supply of Bitcoin is 146,824,286,383.71. Dogecoin, on the other hand, has a much larger circulating supply with no maximum supply. Its current total supply stands at 146,824,286,383.71.

The market capitalization of Dogecoin, which is calculated by multiplying its circulating supply by its current price, is currently $52,028,521,640.403. This makes Dogecoin one of the top 10 cryptocurrencies by market cap.

Factors Influencing DOGE

The price of Dogecoin is influenced by a variety of factors, including:

• Speculation: Dogecoin remains a highly speculative asset, with its price often driven by hype and social media sentiment.
• Market Sentiment: The overall market sentiment towards cryptocurrencies, including Bitcoin, can impact the price of Dogecoin.
• News and Events: Positive or negative news related to Dogecoin or the broader cryptocurrency industry can affect its price.

Recent Developments

Dogecoin has recently gained attention as Elon Musk has expressed support for the cryptocurrency. Musk's tweets and endorsements have historically had a significant impact on DOGE's price.

Conclusion

The price of Dogecoin has experienced a decline in the past 24 hours. While this downturn may raise some concerns, it is important to note that Dogecoin remains a highly volatile asset. Investors considering DOGE should exercise caution and conduct thorough research before making any investment decisions.