DOGE: Dogecoin collapses and hits its lowest price in nine months

It’s a brutal day for the cryptocurrency market, which has lost around 13% of its overall value in the past 24 hours, according to CoinGecko. And while the Dogecoin meme currency has seen a smaller daily decline, it is now at its lowest point in more than nine months.

Dogecoin is down nearly 9% in the past 24 hours to a current price just above $0.14 and it briefly dipped below the $0.14 mark this afternoon. DOGE is now down 18% in the past seven days, according to data from CoinGecko.

Dropping below $0.14 today, Dogecoin hit its lowest point since mid-April 2021, when the long-running meme currency was in the midst of a social media-fueled surge that took its value from around $0.07 to $0.40 in a matter of days.

Dogecoin saw an immense rise in value at the start of 2021. It started the year at less than a penny per coin and then rose significantly from the end of January, in the part of the meme-swapping frenzy. DOGE peaked at around $0.08 per coin in early February before the price started to decline.

But the value of DOGE multiplied several more times in April and May, finally reaching an all-time high of over $0.73 on May 8. However, this peak was not maintained.

As the cryptocurrency market entered a free fall in early summer, DOGE fell sharply with occasional upward swings, but never came close to regaining its peak. DOGE hasn’t risen above $0.30 since early September, the price of Dogecoin has fallen 81% from its all-time high.

It remains to be seen if Dogecoin can regain its early 2021 momentum and reach the mythical $1.00 mark, but for now it is far from its peak. Today’s market crash has only exacerbated the coin’s gradual decline over the past few months.

As for Shiba Inu, the Ethereum-based meme token that emerged as DOGE’s main rival last year – and even briefly overtook Dogecoin in market cap – it’s down 16% at a current price of $0.00002273. SHIB hit a 3-month low today and is now down 74% from its all-time high of $0.00008616 hit in late October.