Dogecoin (DOGE) dips 20% during the past 24 hours amid broader market dip

The cryptocurrency market is currently in a major recession, with the global crypto market capitalization dropping by around 12.9% during the past 24 hours. At the time of writing, the total market cap stood at $1.69 trillion, according to Coingecko.

One of the coins that have suffered greatly following this market dip is Dogecoin (DOGE/USD). Dogecoin has dipped by around 20% during the past 24 hours to start trading at $0.122.

DOGE dips to 9-month low

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Dogecoin continues with its price recession, with the meme coin now standing at around 82.3% below its all-time high. DOGE failed to recover to this record high that was created in May 2021.

Data from CoinGecko also shows that Dogecoin has dipped by around 30% during the past week, with the dip reflecting what has been happening across the broader cryptocurrency market this week.

Today, Dogecoin dropped to below $0.12, which is the lowest level for the coin since mid-April last year. In April last year, Dogecoin was in the mid of a trading frenzy following the endorsement of the token by Tesla’s CEO, Elon Musk.

Before the start of 2021, DOGE was trading at below a cent, but it later picked up the pace, and by May 8, 2021, it had peaked at $0.73. However, after China banned cryptocurrencies later that month, DOGE began its downtrend, and despite several recoveries in the following months, the meme coin has not come close to recovering its ATH.

Since September last year, DOGE has never traded beyond $0.30. In November, it even failed to surpass this level when the global crypto market cap peaked at $3 trillion after major gains.

Dogecoin’s still has support

Despite the poor performance of this meme coin over the past months, it has not lost the support of Elon Musk, who is its main proponent. Additionally, other billionaire investors such as Mark Cuban have invested in the meme token. Dogecoin has also been endorsed as a means of payment, with the meme coin now being used to support payments for Tesla merchandise. It has also been endorsed by other leading brands such as AMC Entertainment and Dallas Mavericks.