Dogecoin Price Trend Prediction, Ranking News: Amid bearish trend in the crypto market, popular meme crypto Dogecoin today (April 25, 2022) lost its market capitalisation, slipping to 14th rank on CoinMarketCap, before jumping back to 11th within a few hours. DOGE has been out of top 10 crypto by market cap list for a long time now.
At 12 am on April 25th, DOGE was trading at around $0.1324. The price fell to as low as $0.1239 by 2PM on Monday. At the time of press, DOGE had recovered price and market cap, jumping by around 4.2% to $0.139
DOGE is now ranked 11th, followed by TerraUSD (UST), Binance USD (BUSD), Polkadot (DOT) and Shiba Inu (SHIB).
However, a crypto market expect thinks DOGE price is likely to fall further amid a hawkish stance taken by the US Fed to tackle high inflation.
The expert says that there has been a lot of selling pressure in crypto asset and if the trend continues, DOGE price will fall further to a new but lower support level.
The overall crypto market cap has also fallen by over 2.79% to $1.79 in the last 24 hours. (Read: Top Crypto Prices on April 25)
“As the global financial markets face heat from the hawkish stance taken by Fed to tackle high inflation, there has been tremendous selling pressure in crypto assets, if this trend continues, Doge prices may fall further to find a new lower support level,” Shivam Thakral, CEO of BuyUcoin, told FE Online.
Currently, Dogecoin is trading at half of its value from a year ago.
Dogecoin started as a meme coin and gained traction recently after Elon Musk, the most well-known supporter of DOGE announced his stake on Twitter.
“A key factor for Doge to survive in the crypto world would be a find a real-world use case as it was originally designed as a payment token,” said Thakral.
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Recently, after Elon Musk made his Twitter intentions public, DOGE witnessed big jumps in trade volume as well some price recovery. However, for the last three months, it has been struggling to reach anywhere near high prices it commanded last year.
(Cryptos and other virtual digital assets are unregulated assets in India. Investing in them could lead to losses. Please consult a professional financial advisor before making any investment decision in crypto)