Dogecoin has seen millions of dollars shaved off its market capitalization in the last 24 hours.
- DOGE’s market cap fell to $20.5 billion. It has lost over 7% in the last seven days.
Dogecoin [DOGE] and other memecoins were not spared from the recent market decline. While DOGE’s volume slightly increased, analysis indicated that sellers dominated it.
Dogecoin sees significant declines
AMBCrypto’s analysis of Dogecoin on a daily time frame chart showed that it had already begun its decline before the general market downturn.
The chart indicated that DOGE’s decline started around the 7th of June, dropping over 7%. This decline took its price from around $0.16 to $0.148.
At the end of trading on the 10th of June, DOGE was trading at around $0.144 after a decline of approximately 1.4%.
As of this writing, it was trading at around $0.141, following an additional decline of over 2%.
Source: TradingView
The analysis also showed that the over 7% decline on the 7th of June pushed its price below its short moving average (yellow line) and took it below the neutral line on its Relative Strength Index (RSI), indicating a bear trend.
As of this writing, Dogecoin’s trend remained below the yellow line, which now serves as resistance around the $0.15 price range. Additionally, the RSI was below 40, indicating a strong bear trend.
The price decline has also negatively impacted its market capitalization.
Dogecoin’s market cap declines
AMBCrypto’s look at Dogecoin’s market capitalization showed a significant decline over the past few days.
Data from CoinMarketCap indicated that before its over 7% decline, DOGE’s market cap was over $23 billion. However, the market capitalization fell to around $21 billion after the decline.
The memecoin’s market capitalization in the previous trading session was still around $20.9 billion. However, the recent decline has pushed the market cap to around $20.5 billion.
Despite the decline, it remained the biggest memecoin. Additionally, its volume has significantly increased in the last 24 hours.
Sellers dominate market
Data showed that in the last 24 hours, Dogecoin’s volume increased by over 38%. AMBCrypto’s look at the volume on Santiment indicated that it was over $940 million as of this writing.
However, this increase is not a positive signal, given the direction of the price.
Source: Santiment
The volume trend suggests that there are more sellers than buyers, which is why the price has declined despite the recent increase in volume.
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