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Dogecoin has had a rough start to the week as the meme coin took one of the biggest tumbles in the top 20 cryptocurrency club. Alongside Polkadot, the Shiba-Inu-inspired cryptocurrency fell in double-digit amounts after the bear ravaged the market. DOGE’s fall may have been accelerated after its founder’s comments on the digital asset industry.
Jackson Palmer, the founder of Dogecoin went on a tweet spree recently where he spoke about his decision to not return to the cryptocurrency market in any capacity. Following Palmer,s tweets, Dogecoin’s price fell from $0.23 to $0.16 in a matter of 46 hours. Although the cryptocurrency corrected soon after, the joy was short-lived. On July 18, the DOGE market opened after it crashed sharply towards $0.185 the previous night.
During the price recovery on the 17th, Dogecoin managed to surpass its earlier resistance, albeit only for a single trade. The average price could only manage a level of $0.192 after which it slid to $0.1881. The current bear attack seems meek compared to the one DOGE had suffered towards the end of June.
That event caused the immediate support to drop to a dismal $0.17 after which the recovery was quick but for a minuscule measure. Despite the founder’s comments on the market and the cryptocurrency, holders were still hoping for a recovery.
At press time, Dogecoin was trading for $0.171 with a total market cap of $22.495 billion. After an hourly fall of 9.9 percent, DOGE’s daily trading volume plummeted to $1.12 billion. The trading volume had stabilized earlier after the Twitter showdown where Palmer had said:
“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”