Dogecoin Gets Hit the Hardest Among Top 10 Coins, Plunges Over 20%

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Meme-based cryptocurrency Dogecoin gets hit the hardest among the top 10 coins and saw its second-worst day of the year on June 22 by plunging down over 36% to $0.17, the lowest level since Apr. 23.

Dogecoin Gets Hit the Hardest Among Top 10 Coins

On May 19, joke cryptocurrency Dogecoin shed over 55% within a single day, but it managed to climb back to almost half of the losses before the daily close.

The meme-based coin is currently trading 77% lower since May 8, from its current all-time high of $0.74 on May 8. The market cap, which was $34.97 billion on June 21, has now slid down to $27.22B in just the last 24 hours.

Dogecoin is currently the biggest loser among the top 10 cryptocurrencies, plunging over 20%, despite major altcoins like XRP, Binance Coin, and Polkadot experiencing double-digit losses.

The value of popular cryptocurrencies remained weak on June 22 after the crypto market witnessed a massive crash a day earlier, following China’s intensified crackdown on Bitcoin.

Over the bigger picture, Dogecoin looks weak that needs upside catalysts to rebound from current levels.

For instance, if Dogecoin declines below the support at $0.25, it will head towards the next support level at $0.2250. A successful test of the support at $0.2250 will push the cryptocurrency towards the next support at $0.2150.

Dogecoin-Branded NASCAR Crashes Like DOGE

Stefan Parsons’ car emblazoned with the Dogecoin logo crashed into the wall during Stage 2 at Nashville Superspeedway on June 19th. Fans of meme-based cryptocurrency fans pushed the hashtag #dogecar trend on Twitter.

The car was sponsored by Springates, a manufacturer of auto parts whose CEO is a DOGE enthusiast. Parson escaped unhurt but the value of the cryptocurrency did not.

DOGE has a long history on the NASCAR tracks. In April 2014, for instance, Dogecoin fans raised 68 million DOGE worth about $42,000 at the time, via a Reddit campaign to sponsor Josh Wise’s Ford Fusion car. Interestingly, Wise raced in the same team as Stefan Parsons’ father Phil.

Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

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