The last few weeks have seen impressive growth in the global crypto market after a rocky September and another crypto price drop, following a ban on cryptocurrency transactions and mining from China’s central bank, which declared all digital coins illegal in the country.
Since the beginning of October, some of the world’s leading digital coins not only bounced back but jumped close to reaching new record valuations. However, that’s not the case with Dogecoin, which still lags in price and market cap growth.
Data from Block Arabia shows that the market cap of the meme-inspired digital coin hit $32.3 billion last week, or 65% below its all-time high in May.
Far below record valuation despite impressive YTD growth
The original meme coin came a long way since its beginnings in 2013 and climbed high on the list of the most popular crypto investments in 2021. What started as a joke between the two IBM engineers became the world’s tenth-largest cryptocurrency, drawing a lot of attention in the crypto space, especially in the first half of the year.
In the five months of 2021, Dogecoin‘s price soared by over 14,200% to $0.73, driving its market cap to an all-time high of $93.5 billion in May. However, after the crypto price crash, this figure stumbled to $35.7 billion in just three weeks.
In the first days of June, the combined value of all DOGE coins jumped to around $54 billion and then plunged to $22.5 billion by the third week of July. After dynamic August and September, the market cap of the meme-inspired crypto rose to $32.3 billion last week, a staggering 5,200% YTD increase, still $61 billion less than its all-time high from May.
In comparison, Bitcoin‘s market cap hit $1.18 last week, only 1.6% below its all-time high the same month. Ethereum and Cardano witnessed similar growth in this period, with their market caps only 2% and 3.7% below record valuations.
Dogecoin monthly trading volume almost halved to $65.6 billion
Besides becoming one of the most popular cryptos to own in 2021, Dogecoin was also the second-fastest-growing digital coin in the crypto space this year, behind Solana. However, its trading activity dropped significantly in the second half of the year.
According to data from CoinMarketCap, Dogecoin’s monthly trading volume amounted to around $260 billion in June. Although this figure dropped by 25% to $194.4 billion in July, the meme-inspired digital coin was still the fourth most-traded crypto that month.
In August, Dogecoin dropped to the nineteenth place of the most-traded cryptos, with a monthly trading volume of $43 billion or 4.5 times less than a month before.
Statistics show that on October 22, its 30-day trading volume stood at around $65 billion, almost half the value from July.
