The cost of Dogecoin has dropped nearly 70% since its peak in May, resulting in a whale investor’s wealth to fall from $24 billion to $8.2 billion.
According into CoinDesk, the purchase price of Dogecoin dropped by 22 percent in the past 24 hoursdown to just 0.2 USD/dong on June 22. Since the summit of 0.7 USD/dong in ancient May, Dogecoin cost has vanished 70%.
On Twitter, cryptocurrency analyst Tyler Durden prediction that the purchase price of Dogecoin will dive to $0.05 per coin and “even Elon Musk can’t save Dogecoin”.
According to Business Insider, a Dogcoin investor owns around 37 billion dong, equal to 28 percent of Dogecoin supply, and this cryptocurrency is worth more than $24 billion in the start of May. This investor didn’t even sell. When Dogecoin price surfaced.
However, the catastrophe of the cryptocurrency market pushed the cost of Dogecoin down radically. Currently, the complete value of Dogecoin this investor is holding is just about 8.2 billion USD.
One crypto expert suggested that this “whale” investor might be a cryptocurrency exchange. Rumor has it Robinhood exchange is the topic of this massive amount of Dogecoin.
Despite the fall in the purchase price of Dogecoin, lots of individuals still feel that this cryptocurrency can become a helpful payment tool. To date, some US companies have approved payment in Dogecoin.
Despite that the 70% dip, the Dogecoin cost remains up 4,100% Nominal.
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