🐕 Dogecoin has lost more than 400% of its value since May. Here’s how it’s performing on “Dogeday.”
The token DOGEUSD, -1.09% was trading at around $0.14, down 1.4% over the past 24 hours, according to CoinDesk data. The crypto has logged a 16% loss since the start of this year.
Though the token’s value has never yet surpassed $1, some supporters got a payoffs when Dogecoin surged to an all-time high of $0.74 in May from about one cent at the beginning of 2021.The rise could also be partly attributed to the backing of Elon Musk, chief executive at Tesla TSLA, -4.46%, who tweeted about the token several times and pushed the electric car maker to accept Dogecoin as payment for some merchandise since January.
In fact, both Dogecoin and Shiba Inu tumbled along with broader risk-on assets such as stocks, as the Federal Reserve began to tighten its monetary policy by raising interest rates and reducing its balance sheet.
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