Dogecoin has lost 26% in the last 24 hours to $0.19. Those who bought Dogecoin from the peak 6 weeks ago have lost 74 percent to date. Despite the recent drop, Dogecoin has gained 3700 percent throughout 2021.
Dogecoin, which was created as a joke in 2013 and also supported by Elon Musk, experienced a big drop today.
Dogecoin has lost 26% in the last 24 hours to $0.19.
China’s restrictions on cryptocurrency mining were effective in the decline. In other words, there was no special news flow for Dogecoin.
But given Dogecoin’s rise throughout 2021, it’s no surprise that its investor took a profit while the market was in an overall downturn. Dogecoin started 2021 at $0.005.
Especially with the support of Tesla and SpaceX CEO Elon Musk on social media, it rose to $ 0.74 on May 8th.
Early investors are thought to be exiting
The decline experienced today is thought to be due to the fact that the initial investors started selling.
Only in 2021 since the beginning of this despite the recent decline in value has gained the 3700 Dogeco percent. However, those who bought from the summit experienced a loss of 74 percent in 6 weeks.
Meanwhile, Bitcoin has also lost 5 percent in the last 24 hours, falling to $ 32,500.