Dogecoin sheds 10% in the last 24 Hours
Dogecoin's value has dropped another 10% in the last 24 hours, as the meme coins recent decline continues.
Dogecoin's red days continue, with the coin now down 9% in the last month.
With all of the recent market rumors, such as Mazars, the auditor of Binance's proof-of-reserves, pausing work for all of its clients, the cryptocurrency sector has been bleeding hard over the last day. The largest meme coin, Dogecoin, has been no exception, much to the chagrin of its investors.
DOGE is currently trading around, R1.37 down 10% in the last 24 hours.
Dogecoin was rallying from late November to early December, breaking above the R1.76 level and giving investors hope that the meme coin can continue its run and recover its losses from the crash caused by the collapse of crypto exchange FTX. However, in the last few weeks, the trend has reversed and the coin's price has fallen instead. DOGE holders have had a particularly difficult two days. Following this most recent decline, the weekly returns of the original meme coin are now around 20% negative. In comparison, Shiba Inu (SHIB) is down only 11% during this time period.
In terms of monthly performance, however, Dogecoin investors are slightly less underwater than SHIB holders, with a loss of around 10% compared to 12% for SHIB.
Despite DOGE's recent poor performance, the cryptocurrency remains firmly in control of its position as the eighth-largest coin by market cap in the cryptocurrency sector, as shown in the table below.
The current market cap difference between Dogecoin and the next coin in line, Cardano (ADA), is more than R17.6 billion.
Whale withdraws R115 million from Binance in DOGE
According to Whale Alert data, a whale has been spotted transferring 81,396,088 DOGE (approximately R115 million) from the cryptocurrency exchange Binance to a personal wallet.
Dogecoin Whale
Typically, investors withdraw funds from exchanges to personal wallets for accumulation purposes, so this transaction could indicate that the whale is interested in purchasing Dogecoin while prices are low. Such a sign could be beneficial to the meme coins value.
