Cryptocurrencies on Tuesday, June 22, continue to trade in the red. Bitcoin (BTC) and Ether (ETH) fell 6% and 15% during the Asian session to $32,100 and $1,885, respectively.
The largest losses from the top ten digital currencies were incurred by Elon Musk's favorite coin Dogecoin (DOGE).
Recall that the CEO of Tesla on Twitter often praises this altcoin, which previously periodically led to a rise in its value. The cryptocurrency reached its peak values in early May 2021. Then the DOGE rate was close to $ 0.7, and many analysts believed that the altcoin could break above $1.
However, the trend soon changed and Dogecoin began to retreat rapidly. The shock drop has been observed since June 20.
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Over the past day, DOGE fell another 43% to $ 0.188. Cryptocurrency capitalization fell to $ 24.308 billion. The coin fell back to eighth place in the ranking of the largest digital assets. In terms of value, USD Coin (USDC) stablecoin has surpassed it, the supply of which now exceeds $25.057 billion.
The activity of DOGE addresses falls along with the price of the coin.
According to BitinfoCharts, the Dogecoin network processed 28,870 transactions in the last 24 hours. Note that at the end of April, the daily number of transactions on the blockchain exceeded 136,382, observers note.