Dogecoin Experiences Over 4% Decrease in a Single Day

In recent market activities, Dogecoin, commonly recognized by its ticker, DOGE/USD, has seen a notable decline of 4.54% in the last 24 hours, with its value dropping to $0.14. This reduction is in line with a larger negative trend observed over the past week, where the cryptocurrency has fallen by 14.0%, moving down from a previous price point of $0.16.

Assessing Dogecoin's Market Movements

A glance at the recent price chart illuminates the changes in Dogecoin's price dynamics. The chart reveals the currency's price oscillations and how its volatility has shaped up in the last day compared to the previous week. Noticeable on the chart are the gray zones representing Bollinger Bands, which help gauge market volatility. Fluctuations in the width of these bands indicate the varying levels of volatility over the two different time frames evaluated.

Trading Volume and Market Position

Parallel to the price depreciation, Dogecoin's trading volume has actually surged by 54.0% over the last week. This change in volume comes despite a slight reduction in Dogecoin's circulating supply, which has decreased by 0.03%, now standing at about 144.67 billion Dogecoins. Presently, Dogecoin holds the position of the ^9th largest cryptocurrency by market capitalization, with its market cap at approximately $20.09 billion.

Dogecoin, Crypto, Volatility