Dogecoin, the world’s most famous meme currency saw a steep fall in price on May 19, as the whole crypto market suffered a crash that wiped out about 1 Trillion Dollars from the crypto industry overnight. The crash was caused by the Chinese government’s announcement that crypto exchanges and Initial Coin Offerings (ICO) are banned in the country. China’s declaration led to a market-wide crash, causing investors to sell their crypto investments including Dogecoin. Read on to know more details on the Dogecoin crash.
Dogecoin Crashes as the Crypto Market falls
As Dogecoin prices fell, many people started asking online why is Dogecoin falling. The Doge crash brought down the Dogecoin price from around $0.50 cents on May 18 to a low price of $0.21 cents, as per the CoinDesk chart. As China’s announcements crashed the markets, all the cryptocurrencies suffered major dips, including Dogecoin. However, since then crypto markets have already started recovering from the short but intense crash. Dogecoin has recovered from its 24-hour low price of $0.23 to $0.36 cents at the time of writing this article, as the WazirX Dogecoin price chart.
During yesterday’s market, apart from Doge, other cryptocurrencies also suffered heavily. The Bitcoin price fell from $45,000 on May 18 to $30,500 on May 19, a 30 per cent fall in its price. Ethereum fell from its 24-hour price of $3400 to $1850, a significant crash in price. Since the crash, most cryptocurrencies have somewhat recovered. Many crypto experts believed the crypto markets had become oversaturated and the market was overdue for a ‘correction’, where the prices would fall back to their logical levels.
It should be noted that even after this crash, Dogecoin remains one of the top coins in terms of returns on investment. In early April, the price of Dogecoin stood around $0.05. At its current price of $.36 cents, it is still up by a margin of more than 600 per cent, compared in April. Dogecoin saw a major boom in its prices as Elon Musk often tweeted about the cryptocurrency, and made it popular all over the world. Stay tuned for more updates on Dogecoin and cryptocurrencies.